As Tax Journal went to press, the government published draft clauses to be included in the 2016 Finance Bill (see www.bit.ly/1TALSqR). These are open for consultation until 4 February 2015.
As Tax Journal went to press, the government published draft clauses to be included in the 2016 Finance Bill (see www.bit.ly/1TALSqR). These are open for consultation until 4 February 2015. The government has also published responses to a number of consultations, including two new consultations:
· Anti-hybrid legislation: a consultation document on the incorporation into UK law of the recommendations made by the OECD in relation to hybrid mismatches, inviting comments by 11 February 2015. The rules are expected to apply from 1 January 2017. See www.bit.ly/1vn2h9e.
· Company distributions: following changes to the taxation of dividends effective from April 2016, the government is now proposing to (1) amend the transactions in securities legislation, to strengthen the rules designed to prevent unfair tax advantages in certain circumstances, and clarify certain areas; and (2) introduce a new targeted anti-avoidance rule, which would prevent some distributions in a winding-up being taxed as capital, where certain conditions are met and there is an intention to gain a tax advantage. Comments are invited by 3 February 2016. See www.bit.ly/1OT7qOo.
Tax Journal will provide a detailed review of the key provisions in the coming weeks.
As Tax Journal went to press, the government published draft clauses to be included in the 2016 Finance Bill (see www.bit.ly/1TALSqR). These are open for consultation until 4 February 2015.
As Tax Journal went to press, the government published draft clauses to be included in the 2016 Finance Bill (see www.bit.ly/1TALSqR). These are open for consultation until 4 February 2015. The government has also published responses to a number of consultations, including two new consultations:
· Anti-hybrid legislation: a consultation document on the incorporation into UK law of the recommendations made by the OECD in relation to hybrid mismatches, inviting comments by 11 February 2015. The rules are expected to apply from 1 January 2017. See www.bit.ly/1vn2h9e.
· Company distributions: following changes to the taxation of dividends effective from April 2016, the government is now proposing to (1) amend the transactions in securities legislation, to strengthen the rules designed to prevent unfair tax advantages in certain circumstances, and clarify certain areas; and (2) introduce a new targeted anti-avoidance rule, which would prevent some distributions in a winding-up being taxed as capital, where certain conditions are met and there is an intention to gain a tax advantage. Comments are invited by 3 February 2016. See www.bit.ly/1OT7qOo.
Tax Journal will provide a detailed review of the key provisions in the coming weeks.
