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IR35
- Fresh Post February 16 Civil Servants' Salaries Paid Direct to Ltd Companies.
- Fresh Post September 26 Dramatic decrease in IR35 Reviews
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- Fresh Post March 28 MacIntyre Hudson slams govt's IR35 position
PM's comments 'could see new approach to income shifting'
IT contractors should take heart from the prime minister's latest comments about shifting income tax allowances within married couples.
According to Contractor Calculator, this appears to mark a significant shift in the Treasury's approach to income shifting, restrictions on which have been a sore issue for IT contractors for a number of years.
Income shifting is thought to cost HM Revenue & Customs around £3.2 billion a year in lost revenue, and as such Section 660 prosecutions are pursued vigorously.
The website therefore notes that the prime minister's comments represent a significant shift in policy, although that is not to say that the change will definitely happen.
"Any initiatives to allow tax breaks for married couples may be opposed by Liberal Democrat members of the coalition government, who secured the right to abstain in debates to introduce such measures," Contractor Calculator suggests.
Earlier this week, the site suggested that any IR35 replacement may see contractors worse off, as any new code must be revenue neutral.
According to Contractor Calculator, this appears to mark a significant shift in the Treasury's approach to income shifting, restrictions on which have been a sore issue for IT contractors for a number of years.
Income shifting is thought to cost HM Revenue & Customs around £3.2 billion a year in lost revenue, and as such Section 660 prosecutions are pursued vigorously.
The website therefore notes that the prime minister's comments represent a significant shift in policy, although that is not to say that the change will definitely happen.
"Any initiatives to allow tax breaks for married couples may be opposed by Liberal Democrat members of the coalition government, who secured the right to abstain in debates to introduce such measures," Contractor Calculator suggests.
Earlier this week, the site suggested that any IR35 replacement may see contractors worse off, as any new code must be revenue neutral.
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