The United Kingdom government has announced that it plans to introduce legislation in the 2007 Finance Bill to tackle avoidance of corporation tax through use of certain financial instruments.
The legislation, which would take immediate effect, is designed to stop companies circumventing existing anti-avoidance legislation and claiming an inappropriate exemption from corporation tax.
The new laws close a number of loopholes that allow companies to avoid corporate tax by methods such as treating shares as debt, artificially reducing the value of shares and using options to transfer value between connected parties.
Banks and financial traders will also be prevented from using authorised investment funds to get around rules that require foreign tax to be paid on trading profits.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment