The Anti-Avoidance Simplification Review was announced at Budget 2007 to identify anti-avoidance legislation which could be simplified and made more effective without any adverse impact on revenues. The transactions in securities legislation was identified as one area needing review and following consultation some changes were enacted in FA 2010.
Previously …
The transactions in securities legislation was originally enacted in FA 1960 and has remained largely unchanged until now. The legislation applied more or less identically for corporation tax and income tax purposes. If a person obtained a tax advantage in consequence of one or more transactions in securities in one of the prescribed Circumstances any tax advantage obtained could be counteracted by HMRC by assessment withholding of repayment and the like.
There were originally five specified Circumstances although Circumstance B was repealed by FA...
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The Anti-Avoidance Simplification Review was announced at Budget 2007 to identify anti-avoidance legislation which could be simplified and made more effective without any adverse impact on revenues. The transactions in securities legislation was identified as one area needing review and following consultation some changes were enacted in FA 2010.
Previously …
The transactions in securities legislation was originally enacted in FA 1960 and has remained largely unchanged until now. The legislation applied more or less identically for corporation tax and income tax purposes. If a person obtained a tax advantage in consequence of one or more transactions in securities in one of the prescribed Circumstances any tax advantage obtained could be counteracted by HMRC by assessment withholding of repayment and the like.
There were originally five specified Circumstances although Circumstance B was repealed by FA...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
