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Circular track

15 December 2015 / Andrew Hubbard
Issue: 4531 / Categories: Comment & Analysis

The latest consultation document on company distributions.

When I travel to London I arrive at St Pancras station. When built it was regarded as one of the wonders of the age and is now one of the defining features of modern London; yet there was a period in the 1960s when it was derided as a hideous monstrosity and was very close to being demolished. Why I am channelling my inner Betjeman? Because I have been reminded that the expression “what goes around comes around” applies not only to architecture: it also applies to taxation.

These thoughts are prompted by an intriguing comment in the consultation document Company Distributions  issued on 9 December. At paragraph 5.2 while looking at the prevention of converting income into capital it says that one possibility might be “re-introducing some form of the close company apportionment legislation which dealt with similar issues”.

Close company apportionment was phased...

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