There have been a number of articles in the press following the recent House of Lords decision in the Arctic Case and wonder what the decision means to me?
Our response… The long running case of Jones v Garnett was heard in the House of Lords recently and the decision is widely seen as a landmark victory for family-run businesses. Some background: Mr & Mrs Jones set up a company ( Arctic Systems Ltd ), and Mr Jones was the main fee earner. He took a modest salary, as did Mrs Jones, and then voted a dividend that was split 50:50, in line with their shareholding. HMRC contended that this arrangement constituted a settlement by Mr Jones in favour of his wife and claimed that her dividend should in fact be treated as his and that he should be assessed on all of the dividend, not just half. Mr & Mrs Jones appealed this decision, and eventually the case reached the House of Lords. Following a very short hearing, their appeal was upheld and it was agreed that Mr & Mrs Jones should be assessed separately on their individual dividends. The Inland Revenue have already announced that they will look at the tax treatment of what they call income spl
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