This tracker provides an A to Z guide to the tax consultations which are currently open for comment and those consultations which have recently closed where an outcome has been announced.
Authorised contractual schemes
Authorised contractual schemes (ACS) are UK tax-transparent collective investment schemes. An ACS is not a taxable entity and is not within the charge to direct taxes. Each participant is responsible for tax arising on their own share of income (and for partnership ACS gains) at their own rates of tax. It is the participant who is entitled to claim any available capital allowances.
The consultation document published on 9 August 2016 sought views on:
· how capital allowances rules apply to taxable investors in ACS;
· new information requirements; and
· any other improvements.
Legislation in Finance Bill 2017 will introduce a new elective regime permitting the operator of a co-ownership ACS to compute...
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:
This tracker provides an A to Z guide to the tax consultations which are currently open for comment and those consultations which have recently closed where an outcome has been announced.
Authorised contractual schemes
Authorised contractual schemes (ACS) are UK tax-transparent collective investment schemes. An ACS is not a taxable entity and is not within the charge to direct taxes. Each participant is responsible for tax arising on their own share of income (and for partnership ACS gains) at their own rates of tax. It is the participant who is entitled to claim any available capital allowances.
The consultation document published on 9 August 2016 sought views on:
· how capital allowances rules apply to taxable investors in ACS;
· new information requirements; and
· any other improvements.
Legislation in Finance Bill 2017 will introduce a new elective regime permitting the operator of a co-ownership ACS to compute...
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:
