UK consultation on taxation of debt and derivatives
In early June 2013, HMRC launched a consultation on modernising the way in which the UK taxes corporate debt and derivatives. While a consultation in this area had been trailed in the UK’s 2013 Budget, the scope of the detailed proposals is surprisingly wide and, if the proposals are enacted, they will have significant impact on corporate taxpayers.
The two key drivers for the proposed changes appear to be HMRC’s ongoing programme to reduce the scope for tax avoidance and the forthcoming move to ‘new UK GAAP’ for UK companies which have not already adopted by International Financial Reporting Standards (IFRS), which will apply from 2015 at the latest. The document proposes an ambitious timetable, with certain avoidance-focused changes to be enacted next year in the Finance Act 2014, with the more structural changes waiting until 2015…
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.