David Southern QC (Temple Tax Chambers) examines where things stand following publication of the first batch of draft legislation that restricts the loan charge.
A legislative orphan
The 2019 loan charge legislation in F(No.2)A 2017 Schs 11 and 12 was unique. There has been nothing remotely like it in British fiscal history.
The legislation is to be amended with retrospective effect with the purpose of reducing significantly its scale and impact. This is to give effect to the recommendations of the Independent loan charge review: report on the policy and its implementation (the ‘Morse report’). The first instalment of the draft legislative changes was issued on 20 January 2020.
The amended charging provisions will therefore be regarded as having been present in the Act when it was originally enacted.
One of the first acts of the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
David Southern QC (Temple Tax Chambers) examines where things stand following publication of the first batch of draft legislation that restricts the loan charge.
A legislative orphan
The 2019 loan charge legislation in F(No.2)A 2017 Schs 11 and 12 was unique. There has been nothing remotely like it in British fiscal history.
The legislation is to be amended with retrospective effect with the purpose of reducing significantly its scale and impact. This is to give effect to the recommendations of the Independent loan charge review: report on the policy and its implementation (the ‘Morse report’). The first instalment of the draft legislative changes was issued on 20 January 2020.
The amended charging provisions will therefore be regarded as having been present in the Act when it was originally enacted.
One of the first acts of the...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
