The ICAEW Tax Faculty has welcomed proposed reforms to the treatment of capital gains for groups of companies. Simplification review: capital gains rules for groups of companies — a consultation document published on the Treasury website on 22 February set out detailed simplification proposals including draft legislation on capital losses after a change in ownership value shifting and depreciatory transactions and degrouping charges as announced at PBR 2009.
The Labour Government proposed to repeal the parts of TCGA 1992 Sch 7A (restriction on set-off of pre-entry losses) that deal with losses which have not been realised at the time when a company joins a group.
The Tax Faculty said the proposals for taking unrealised pre-entry losses out of the legislation and a proposed extension to the 'carve-out' exemption for off setting pre-entry losses against subsequent gains...
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:
The ICAEW Tax Faculty has welcomed proposed reforms to the treatment of capital gains for groups of companies. Simplification review: capital gains rules for groups of companies — a consultation document published on the Treasury website on 22 February set out detailed simplification proposals including draft legislation on capital losses after a change in ownership value shifting and depreciatory transactions and degrouping charges as announced at PBR 2009.
The Labour Government proposed to repeal the parts of TCGA 1992 Sch 7A (restriction on set-off of pre-entry losses) that deal with losses which have not been realised at the time when a company joins a group.
The Tax Faculty said the proposals for taking unrealised pre-entry losses out of the legislation and a proposed extension to the 'carve-out' exemption for off setting pre-entry losses against subsequent gains...
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:
