The government has confirmed that an avoidance scheme designed to accelerate first year allowances is to be blocked with effect from 12 August 2011.
‘The scale of the tax potentially put at risk by the scheme was such that the government decided to announce that [CAA 2001] s 230 will be repealed by legislation introduced in Finance Bill 2012 in relation to expenditure incurred on or after the beginning of 12 August 2011, to the extent that s 230 provided an exception from s 217,’ Justine Greening, the Economic Secretary to the Treasury, said in a ministerial statement on 6 September.
HMRC announced the move during the summer recess and said the government would consider whether the repeal should take effect before 12 August if it emerged that ‘the scheme or similar schemes exploiting the s 230 exception have been used causing a loss of tax’.
The government has confirmed that an avoidance scheme designed to accelerate first year allowances is to be blocked with effect from 12 August 2011.
‘The scale of the tax potentially put at risk by the scheme was such that the government decided to announce that [CAA 2001] s 230 will be repealed by legislation introduced in Finance Bill 2012 in relation to expenditure incurred on or after the beginning of 12 August 2011, to the extent that s 230 provided an exception from s 217,’ Justine Greening, the Economic Secretary to the Treasury, said in a ministerial statement on 6 September.
HMRC announced the move during the summer recess and said the government would consider whether the repeal should take effect before 12 August if it emerged that ‘the scheme or similar schemes exploiting the s 230 exception have been used causing a loss of tax’.
