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In the information released after the Chancellor's Pre Budget Report in December 2003 was paragraph 5.91 of a Treasury Report. It alluded to proposals to be brought forward in the 2004 Budget to ensure owner/managers paid 'the right amount of tax'.
This has been described as a tax 'time bomb' for small businesses. Shout99 will be keeping freelancers up-to-date with all developments in this area of the site 'News on IR5.91'.
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The Government is considering the definition of 'owner-managed' companies as part of the IR591 proposals it will bring forward in the Budget.
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There have been further unconfirmed rumours that IR35 will be withdrawn in April 2004 to be replaced by whatever IR591 will bring. Apparently sources close to the Treasury have said that IR35 will be abolished at the end of this tax year. This is leading more freelancers to assume that, as from 6 April 2004, their position will be better than it is at present.
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Following the pre budget report announcement (paragraph 5.91) that next spring’s budget will see new measures brought forward “to ensure that the right amount of tax is paid by owner managers of small incorporated businesses on the profits extracted from their company” some commentators are saying that this spells the end of IR35 and Section 660A.
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CUK have been given information from a Govt source about the as yet unpublished details of the new tax on Small Companies, known as IR591.
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Shout99 has introduced a News on IR591 category to keep members of the network up-to-date with developments relating to the Treasury's latest 'tax on small business'.
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Could any tax changes arising from IR5.91 be applied to retained profits
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What can we expect from the "son of IR35 out of Section 660A" otherwise paragraph 5.91 of the Treasury release on 'Delivering a modern and fair tax system'?
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In a move which will bring back unhappy memories of IR35, tucked away in one of the myriad publications which accompany the Chancellor's Pre-Budget Report is paragraph 5.91 of a Treasury document, referring to owner-managers needing to pay the 'right' amount of tax and expressing concern about the different tax treatment relating to dividend and earned income.
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