The Chartered Institute of Taxation (CIOT) welcomes today's announcement that the Government is not to proceed with the income shifting legislation and continues to recommend that the Government reform of the way in which small businesses are taxed.
Andrew Hubbard, CIOT Deputy President, says: "The current system for taxing small businesses is riddled with anomalies and inconsistencies and is need of a radical overhaul. But the income shifting regime would have made matters worse. It would have created a huge administration burden on all small businesses, would probably not have brought in significant additional taxation revenues and would have been a massive distraction at a time when businesses need to devote all of their energies to managing through the economic crisis."
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