The expansion of the IR35 legislation to include ‘office holders’ – the first ever statutory change to the Intermediaries Legislation – should not be a concern for ‘genuine’ contractors, says a leading accountant.
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controlling persons
Following the Government’s decision to abandon the ill-thought out ‘controlling persons’ proposals last week, perhaps the most relieved group of consultants are interims – who are often hired to influence board-level decision-making for end-clients.
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Following the introduction of new IR35 enforcement measures in May 2012, and ongoing efforts to clamp down on personal service companies in the public sector, it may come as some surprise that only a few lines in the supporting Autumn Statement documentation even mention ‘IR35’.
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With little room to manoeuvre given the country’s ongoing economic problems, the Chancellor managed to provide some good news to company owners in today’s Autumn Statement, with a ten-fold increase in the Annual Investment Allowance, and the scrapping of the unpopular ‘controlling persons’ proposals. On the flip side, pension tax relief has been reduced for higher rate taxpayers, and income tax thresholds will not rise in line with inflation.
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