Michael Bird and Mark Feldman look at the impact of changes to the debt cap rules
The Government recently published the draft legislation introducing changes to the debt cap rules which is to be included in the autumn Finance Bill.
Comments have been invited by 3 September. Most of these changes were announced in last year’s PBR but subsequent discussions between HMRC and business resulted in some amendments to the earlier proposed changes and a few additional changes which were announced in the Budget. The changes will generally take effect from 1 January 2010 when the debt cap rules first applied (although exceptions to this are discussed below).
It is not ideal that changes are already being made to legislation which is so new and which we were only just getting to grips with. However the changes are almost all positive albeit that they will not make what are...
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Michael Bird and Mark Feldman look at the impact of changes to the debt cap rules
The Government recently published the draft legislation introducing changes to the debt cap rules which is to be included in the autumn Finance Bill.
Comments have been invited by 3 September. Most of these changes were announced in last year’s PBR but subsequent discussions between HMRC and business resulted in some amendments to the earlier proposed changes and a few additional changes which were announced in the Budget. The changes will generally take effect from 1 January 2010 when the debt cap rules first applied (although exceptions to this are discussed below).
It is not ideal that changes are already being made to legislation which is so new and which we were only just getting to grips with. However the changes are almost all positive albeit that they will not make what are...
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:
