TITLE

Government closes tax loop

PUB. DATE
March 2007
SOURCE
People Management;3/8/2007, Vol. 13 Issue 5, p14
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the decision of the British government to investigate organizations that employ staff through managed service companies (MSCs) to exploit a tax loophole. About 250,000 British staff, including teachers and nurses, currently use MSCs in an arrangement that minimizes tax payments. It is stated that under such schemes, the worker receives a minimal taxable salary but is paid mostly in the form of dividends via the MSC, income that is taxed at a lower rate.
ACCESSION #
24965991

 

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