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Taxation update

Francesca Lagerberg and Colin Ives look at: Revenue attack on married couples; revised income tax code; transfer pricing; Mansworth v Jelley; stamp duty; joint property in Scotland; tax credits; and the latest tax cases


4 April 2003

Revenue attack on married couples The Revenue is taking an increasingly aggressive approach to a common tax planning situation. It has reportedly started to argue that where ordinary shares in a family company are given by one spouse to another (particularly in a company where the donor does most of the substantive work) this represents a gift which is wholly or substantially a right to income. The Revenue’s argument in such circumstances is that any dividend arising from those shares should be assessed upon the donor, who is likely to have a higher marginal rate of tax than the donee. The argument stems from s 660A of the Income and Corporation Taxes Act 1988 (ICTA 1988) which provides that where a person makes a settlement (which includes making a gift of property), any income arising from the property will be taxed on him/her if the income could become payable to their spouse. Section 660A(6) excludes from these provisions an outright gift by one spouse to the o...

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