The nation's favourite baddie, the taxman, took a right beating after the law lords approved a tax saving arrangement used by thousands of the nation's small businesses.

IT consultant Geoff Jones, along with his wife, Diana, had decided to take on the might of HM Revenue and Customs after the 50-year-old Jones was sent a £42,000 back tax demand in 2003.

An infuriated Jones initially took his case to the court of Appeal in December 2005, a case which he won after arguing that his wife's share of his company profits, paid to her as a 50 per cent shareholder in the form of a dividend, shouldn't be taxed as part of her husband's income.

Not surprisingly, the case was closely followed by small business owners across the land and with the House of Lords dismissing an appeal by HMRC, the poor old taxman will now lose around £1billion a year in taxes.

One's heart bleeds.

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