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It has called on the Treasury to use the additional year's delay that they announced in the Budget to undertake a thorough review of finding a more appropriate means of providing small businesses with with a more suitable for the 21st century.
The Early Day Motion was tabled by a cross party group of MPs led by Labour MP for Stroud, David Drew.
The move was welcomed by professional tax body, the Chartered Institute of Taxation (CIOT), who were among the many groups objecting to the original proposals.
When the first petition was tabled the CIOT said that it had long been of the view that fundamental reform to the structure of small business taxation was necessary if small businesses were to be able to plan their tax affairs with any degree of certainty.
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Rob Ellerby, CIOT President, said: "The MPs who tabled this motion are right to say that by extending the process for another year, the Government has given itself a great opportunity to think through the issue more fundamentally with a view to coming to a better answer."
The first EDM received 175 signatures from MPs after being started by the Liberal Democrats. (See: MPs start 'income shifting' petition - Shout99, Jan 2008). The second EDM was started has been signed by 18 MPs to date. The full text and those MPs who have currently signed can be viewed here.
Consultation
Shout99 has followed the events relating to Section 660 and income shifting. You can also read more about the background to this case and the issues at stake in Shout99's Section 660/Income shifting resource centre.
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Susie Hughes © Shout99 2008
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