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Presentation
- Family Companies - dividends under attack
On 23 July 2003
Keith Mason of our Dartford office presented a client update on the topical
subject of "settlements".
For those of you
unfamiliar with this word it is a technical term by which the Inland Revenue
mean that a right to a source of income has been diverted (usually to family
members) to avoid tax by the original owner. For example the transfer of a
separate class of shares in a family company to a non-working spouse to allow
dividends to be paid to them and avoid a higher rate of tax in the hands of the
working spouse. This subject has been brought to the public's attention by
recent press articles in national newspapers that have highlighted the Inland
Revenue's approach as if it was a new problem. Interestingly the issue has been
around since a particular court case ruling in 1996 and at Barnes Roffe we have
always taken a specific stance on this matter when advising clients in order to
ensure they do not fall foul of this rule. |
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Keith's seminar
informed clients and contacts of Barnes Roffe of the up to the minute thinking
by the Inland Revenue and sought to remind them of the importance of regular
reviews of their income planning in order to ensure that they remain fully
within the rules. After all, as one client commented "it is important to make
your tax bill as efficient as you can within the law, but I want to know there
are no nasty surprises hidden in my tax history".
The slides of the seminar are
below. Please contact Keith Mason should you wish to discuss this
further.
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Presentation is
available
as a 645kb pdf file |
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In common with
such information presented on websites, Barnes Roffe cannot take responsibility
for any loss to any person acting or not acting as a result of material on this
website, but we would be delighted to speak to you if you have any queries
about any information. |