CIOT welcomes second income shifting motion

Date: 27th March 2008

The Chartered Institute of Taxation (CIOT) has today welcomed the second early day motion (EDM) on income shifting.

The EDM calls on the government to spend the next year considering ways to reduce the taxation and administrative burden felt by the UK's small to medium-sized enterprises.

CIOT claims that reform is necessary to allow small businesses to plan their tax affairs with "certainty".

The motion states that reforms will allow small business owners the freedom to "generate wealth and employment in the UK economy, whilst ensuring that they can with minimum effort comply with the taxation and other requirements".

CIOT president Rob Ellerby says the government have made the right decision in extending income shifting processes by another year, claiming it allows time to consider the issue more thoroughly.

The CIOT is the UK's leading professional body for chartered tax advisors.