Following the endorsement of the BEPS package of measures by G20 leaders and the OECD in 2015 the final updated Action 4 report (limiting base erosion involving interest deductions and other financial payments) was finalised in December 2016.
After a period of consultation the government announced on 13 July 2017 that it intends to enact the new corporate interest restriction (CIR) regime in a Finance Bill after Parliament’s summer recess with a commencement date of 1 April 2017. This article is based on the draft Finance Bill legislation published on 8 September 2017 and the draft HMRC guidance published on 4 August 2017.
The CIR regime which will also replace and extend the existing worldwide debt cap rules introduces a complex overlay to the UK corporate tax code applicable to financing transactions....
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Following the endorsement of the BEPS package of measures by G20 leaders and the OECD in 2015 the final updated Action 4 report (limiting base erosion involving interest deductions and other financial payments) was finalised in December 2016.
After a period of consultation the government announced on 13 July 2017 that it intends to enact the new corporate interest restriction (CIR) regime in a Finance Bill after Parliament’s summer recess with a commencement date of 1 April 2017. This article is based on the draft Finance Bill legislation published on 8 September 2017 and the draft HMRC guidance published on 4 August 2017.
The CIR regime which will also replace and extend the existing worldwide debt cap rules introduces a complex overlay to the UK corporate tax code applicable to financing transactions....
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