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Finance Bill Debates

 
Alan Dolton Editor of Tolley's Tax Cases and Tolley's VAT Cases continues his coverage of the Finance Bill debates
 
The Committee of the Whole House continued examining the Finance Bill with Clause 86 (Income Of Spouses: Jointly Held Property). The Paymaster-General (Dawn Primarolo) explained that 'this clause prevents tax avoidance by married couples who own shares in a close company together. Existing anti-avoidance provisions prevent people from saving tax by diverting their income to someone who pays tax at a lower rate or not at all. These provisions specifically prevent people from saving tax by arranging for income to be received by someone else as dividends on shares in a close company. At the moment married couples who own shares in a close company can side-step the anti-avoidance provisions by exploiting
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