Husband and wife teams running their own companies will be receiving letters from the Inland Revenue warning them not to use dividend payments to reduce their tax bills, The Daily Telegraph reports.
The letters will also outline how rules are being implemented to stop such husband and wife teams from transferring assets to each other as part of a tax reduction strategy, the paper adds. A push to take a stricter line on settlements legislation put in place in 1936 has put the Revenue in conflict with accountants in the past year and a half, with the latter insisting tax claims now being pursued could affect hundreds of thousands of small companies. OLD MUTUAL MAY buy Abbey’s closed life funds from new owner Banco Santander, reports the Telegraph. With about £1bn to spend on suc...
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