Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Circular track

15 December 2015 / Andrew Hubbard
Issue: 4531 / Categories: Comment & Analysis
istock_000027717479_lar_fmt

The latest consultation document on company distributions.

When I travel to London I arrive at St Pancras station. When built it was regarded as one of the wonders of the age and is now one of the defining features of modern London; yet there was a period in the 1960s when it was derided as a hideous monstrosity and was very close to being demolished. Why I am channelling my inner Betjeman? Because I have been reminded that the expression “what goes around comes around” applies not only to architecture: it also applies to taxation.

These thoughts are prompted by an intriguing comment in the consultation document Company Distributions  issued on 9 December. At paragraph 5.2 while looking at the prevention of converting income into capital it says that one possibility might be “re-introducing some form of the close company apportionment legislation which dealt with similar issues”.

Close company apportionment was phased...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

back to top icon