CIOT welcomes income shifting EDM
The Chartered Institute of Taxation (CIOT) welcomes the Early Day Motion (EDM) on income shifting that has been tabled in the House of Commons. The CIOT has long been of the view that fundamental reform to the structure of small business taxation is necessary if small businesses are to be able to plan their tax affairs with any degree of certainty.
The Institute accepts that what it prefers to regard as “income sharing” within members of the family unit is an issue which would need to be considered as part of that reform, but regards it as completely wrong for the Government to deal with this one issue in isolation and from the narrow and exclusive viewpoint of anti-avoidance.
Andrew Hubbard, CIOT Vice-President, says: “The fact that the EDM has cross-party support reflects the growing concern about the issue. While we are now at a late stage in the process, the CIOT still urges that there be a re-think on the issue.”