Husband-and-wife firms under IR scrutiny

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Hundreds of thousands of high-net-worth couples, including expatriates, who share ownership of small...

Hundreds of thousands of high-net-worth couples, including expatriates, who share ownership of small UK companies could face retrospective tax bills after a decision by the Inland Revenue (IR) last month. The changes have come about after an IR ruling in September against a husband-and-wife IT firm Arctic Systems, which stated the two owners should both pay tax on dividends at the higher rate, even though the wife's salary fell within the basic rate. As they had equal shares in the company, the couple had been splitting annual dividends equally but the IR ruled because the husband broug...

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