The Financial Secretary to the Treasury Stephen Timms announced in a Written Ministerial Statement on 27 January 2009 that legislation will be introduced in the next Finance Bill to prevent the recent decision of the High Court in DCC Holdings (UK) Ltd v HMRC [2008] EWHC 2429 from affecting the tax treatment of real payments of manufactured interest. The intention is that the legislation will ensure that the tax treatment follows the treatment of the payments in company accounts prepared in accordance with GAAP.
For further details and links to explanatory notes and background material see http://snipurl.com/axra2.
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The Financial Secretary to the Treasury Stephen Timms announced in a Written Ministerial Statement on 27 January 2009 that legislation will be introduced in the next Finance Bill to prevent the recent decision of the High Court in DCC Holdings (UK) Ltd v HMRC [2008] EWHC 2429 from affecting the tax treatment of real payments of manufactured interest. The intention is that the legislation will ensure that the tax treatment follows the treatment of the payments in company accounts prepared in accordance with GAAP.
For further details and links to explanatory notes and background material see http://snipurl.com/axra2.
Official rate
The...
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:
