The income settlements legislation (Record no. 73359)

MARC details
000 -LEADER
fixed length control field 01227cam a2200217 4500
001 - CONTROL NUMBER
control field ABS67024
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 030904n2003 000 0 eng u
035 ## - SYSTEM CONTROL NUMBER
System control number (Sirsi) u123504
245 #4 - TITLE STATEMENT
Title The income settlements legislation
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2003
490 ## - SERIES STATEMENT
Series statement Farm Tax Brief
Volume/sequential designation 18(7) August/September 2003, 1-2(2)
520 ## - SUMMARY, ETC.
Summary, etc. Settlements have traditionally been used to keep family property within the family but "Dano Ltd v Earl Cadogan and others" ([2003] EWCA Civ 783, Abs66929) shows what confusions may arise when restrictive covenants apply to settled property. The concept is clear for capital gains tax and inheritance tax purposes. However, income tax legislation has a wider definition of the term settlement and the Inland Revenue are more likely to view it as a diproportionate return to a partner who has little direct involvement in a business. This situation is most likely to affect the agricultural industry where most farmers trade as sole traders or through partnerships.
590 ## - LOCAL NOTE (RLIN)
Local note ABS
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element SETTLED PROPERTY
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element LEGISLATION
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element CAPITAL GAINS TAX
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element INCOME TAX
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element DANO LTD V EARL CADOGAN AND OTHERS
690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN)
Topical term or geographic name as entry element TAXATION-CASE LAW
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Suppress in OPAC 0
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    Dewey Decimal Classification     London London Journal article 04/09/2003   ABS67024 123504-1001 06/08/2019 1 06/08/2019 Journal article