Alan Dolton editor of Tolley's Tax Cases begins our summary of the Report Stage debate on the Finance Bill
The Report Stage debate on the Finance Bill began on Tuesday 7 July. The Financial Secretary (Stephen Timms) proposed New Clause 8 (transfers of trade to obtain terminal loss relief). He explained:
'… New Clause 8 counters an avoidance scheme that has been notified to Her Majesty's Revenue and Customs. The scheme exploits corporation tax “terminal loss relief” rules that allow losses arising in a trade in the 12 months prior to cessation to be carried back and set off against profits made in the previous three years. The scheme works by artificially engineering a deemed cessation of trading which allows the company to...
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:
Alan Dolton editor of Tolley's Tax Cases begins our summary of the Report Stage debate on the Finance Bill
The Report Stage debate on the Finance Bill began on Tuesday 7 July. The Financial Secretary (Stephen Timms) proposed New Clause 8 (transfers of trade to obtain terminal loss relief). He explained:
'… New Clause 8 counters an avoidance scheme that has been notified to Her Majesty's Revenue and Customs. The scheme exploits corporation tax “terminal loss relief” rules that allow losses arising in a trade in the 12 months prior to cessation to be carried back and set off against profits made in the previous three years. The scheme works by artificially engineering a deemed cessation of trading which allows the company to...
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:
