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UK Closes Corporate Tax Loopholes

by Robert Lee, Tax-News.com, London

08 March 2007


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.


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