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S660 - Married Couples Business Tax
S660 has caused a great deal of controversy as people are finding themselves under investigation by HMRC,
to ascertain if they are liable for unpaid tax.
Many people who have been transferring profit by way of dividends from a high-level earner to a partner, spouse
or friend (who are in a lower tax bracket) have been asked to pay 'back-tax' for tax underpayment, going back several years.
Suggestions have been made that S660 will affect over half a million family businesses within the UK.
In effect with S660, dividend income received by non-payrolled partners, spouses or friends will be taxed as income of the principle Director.
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