CIOT Hails Win For Small Business Taxpayers
|Category|| 2005 Releases
CIOT Hails Win For Small Business Taxpayers The Chartered Institute of Taxation (CIOT), the UK's professional body for Chartered Tax Advisers, welcomed the Court of Appeal verdict in favour of the taxpayers in the Arctic Systems case (Jones v Garnett). The Court of Appeal overturned previous decisions in favour of HM Revenue & Customs and has vindicated Mr & Mrs Jones' arrangements of their company's affairs.
John Whiting, Chairman of the CIOT’s Tax Policy Sub-Committee, says: "This is very good news for many small businesses and endorses the technical arguments that we have long advanced. We are pleased that an issue that we played a significant part in highlighting from 2003 has been concluded in a way that restores more certainty to the tax system in advance of the critical 31 January reporting deadline."
The CIOT has played a leading part for some time in the identification of the issues at the heart of the arguments in the Arctic Systems case (the settlements legislation) and, together with five other professional bodies, has helped develop guidance for members and businesses affected, responding to various HMRC documents in the process.
John Whiting adds: "There will be a need to revisit current HMRC guidance in the light of this decision and ensure that as far as possible businesses are clear on their position in advance of the January self assessment deadline."