000			01668cab a2200241 4500
001			L130323
008			050714n2005 000 0 eng u
035			_a(Sirsi) u130323
041			_aeng
100			_aMercer, Chris
245		2	_aA limited use for limited companies?
260			_c2005
490			_aLetting Update Journal _v13(2) July 2005, 20-21(2)
520			_aExamines "Jones v Garnett" ([2005] STC (SCD) 9, unreported) known as the "Artic Systems" tax case, which has considerable implications for small businesses and some buy-to let landlords, particularly for anyone who is a director of a small limited company and perhaps part of a husband and wife operation. Artic Systems was a limited company owned by a husband and wife, where the husband drew a salary well below his earning power but received substantial dividends, half of which went to his wife on her 50% interest in the company. It was confirmed on appeal ([2005] EWHC 849 (Ch), The TImes 17 May 2005) that the dividends paid to the wife were income and therefore liable to tax. Argues that the case is another attack on the advantages of incorporation. Provides a number of tax tips particularly in respect of taking profits as dividends and concludes with advice on the situation arising from this case, which may be further appealed.
590			_aIKA190705
650			_aINCOME AND CORPORATION TAXES ACT 1988 S660G
650			_aINCOME AND CORPORATION TAXES ACT 1988 S660A
650			_aARTIC SYSTEMS CASE
650			_aJONES V GARNETT (HMIT) (2004)
650			_aJONES V GARNETT (HMIT) (2005)
690			_aMANAGEMENT-BUSINESS MANAGEMENT-FINANCIAL MANAGEMENT
942			_n0
999			_c75552 _d75552