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The Right Stuff?

Andrew Hubbard Director of Taxation Tenon Group plc and President of ATT questions the manner in which an important announcement on profit extraction was made and predicts difficult times ahead
'… and closing loopholes involving trusts seafarers' foreign earnings deductions and tax paid on the personal income of owner managers of small companies'
Were you paying attention throughout Gordon Brown's — let's admit it — very tedious recital of statistics? Did you take in the phrase I have quoted above? And if you did were you scratching your head to work out how seafarers were abusing trusts to avoid paying tax on their personal income? I certainly was unsure exactly what the Chancellor was getting at in his speech. Still I thought at...

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