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Arctic numbers
As the House of Lords hears Arctic Systems the debate on how many companies are affected is likely to reignite. Research from Manchester Business School shows that the maximum number of companies which could be affected by the case is around 340 000 although the actual number affected will be lower than that. HMRC have previously given an estimate of 30 000 although they have always stressed that the actual number affected might be higher or lower. Estimates from the profession have typically been around 200 000.
HMRC's estimate was based on the number of companies with profits of less than £300 000 which were known to have two or more shareholders and to have paid a dividend during the year. However as explained in Mike Truman's article 'Unguided Missives' (Taxation 25 November 2004 page 197) most such companies do...
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