Qdos TLC660A
Following the Pre Budget Report (PBR) 2007, the Government intends to introduce legislation aimed at tackling ‘income shifting’ i.e. income diverted from one spouse to another via company dividends or partnership profits.
The PBR announcement follows HMRC’s defeat and ungracious acceptance of the Arctic Systems decision in the House of Lords and will address the issue of individuals arranging their tax affairs to shift part of their income to another individual who pays tax at a lower rate. The legislation, which will aim to take effect from 6th April 2008, will only apply where income is diverted by way of company dividends or partnership profits. Income from other sources should not be affected
HMRC has stated that it will take into account the activity of individuals in the business, investments that they have made and the risks they are exposed to by being involved in the business.
If the Government is intending to push this legislation through for the next tax year then there will only be a short consultation period evoking memories of the MSC consultation period – not a good omen! For those who are either considering or do not have the tax loss insurance known as TLC660A, it would be a good time to contact Qdos Consulting see below for further details.
TLC660A is a revolutionary insurance concept giving you the ability to insure yourself and your business comprehensively against the consequences of a HMRC enquiry into your business’ income sharing arrangements under the Section 660A regulations. This service is the result of years of partnership between Qdos and its underwriters.
Before you purchase TLC660A you will need a Section 660A review. Complete our Section 660A Working Practice Questionnaire (see attachment below) and send it to us.
The cost of a Section 660A Compliance Review is £85 (+VAT) Payment can be made by telephone on 01455 852030, or by cheque made payable to Qdos.
When we have reviewed your exposure we will issue a detailed written report. If the conclusion is that any challenge could be successfully defended then we will be able to offer you full tax liability cover in the form of our Qdos TLC660A insurance for complete peace of mind.
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Please note that TLC660A insurance is not currently available to purchase from Qdos Shop Online.
If you would like to purchase TLC660A insurance please contact the Qdos Freelance department by email to freelancer@qdosconsulting.com or by telephone 01455 852030.