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The term 'shifter' might seem an odd one. But if you indulge in 'income shifting' it seems the tax man is likely to take an increased interest in your affairs from April - and may well contend that a further tax bill will be shifted your way as a result.
This is prompted by a recent consultative document from HM Treasury and HM Revenue & Customs (HMRC), pointing towards new legislation to take effect in April 2008. The intention is to reverse the effect of the Arctic Systems decision. However, the impact of the new rules is likely to be felt much more widely than the small husband-and-wife consultancies at the hub of the Arctic situation. Many hundreds of thousands of small businesses will have to take stock of their way of conducting themselves in the coming months and many set up some defences against this problem.
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