Professional bodies challenge Revenue's Section 660A view

Six professional bodies including the English and Scottish institutes of Chartered Accountants, the Chartered Institute of Taxation and the Chartered Institute of Certified Accountants together with the FSB have today issued a detailed response to the Revenue on the Revenue's April 2003 taxation bulletin which set out the Revenue's controversial view of the application of section 660A to family companies.

A copy of their submission is attached. A detailed analysis and commentary will follow but it appears that the professional bodies' concerns are similar to those I have expressed here on UKTECH.