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The Tax Faculty has issued a discussion paper in response to paragraph 5.95 of the 2004 Budget Red Book. This paragraph said that.
'the Government proposes to consider the issues raised by the interaction with the tax system of definitions of income of self-employment and the remuneration paid to owner-managers.'
The discussion paper which was prepared with input from The Chartered Institute of Taxation looks at four areas of concern.
On IR35 it questions whether the anticipated tax savings have materialised and says that the rules are 'fundamentally flawed'. A preferable solution to the problem of disguised employment would be a clearer system for defining employment status.
On the settlements legislation and section 660A Taxes Act 1988 the paper suggests that the tax at stake in smaller husband and wife companies is not worth the...
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