The government has tabled five amendments to Schedule 28 of Finance Bill 2013 (Close companies), which aim to ensure the new close company loans to participator rules will apply where a repayment is replaced by a further chargeable payment in a very short period of time, or under arrangements to replace the original chargeable payment.
In addition, The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013, SI 2013/1411, come into force on 28 June. These amending regulations give effect to the second set of changes to the treatment of offshore funds announced in Budget 2013, to ensure investors are taxed on their correct proportionate share of the income of a reporting fund.
The Investment Trusts (Approved Company) (Tax) (Amendment) Regulations, SI 2013/1406, also come into force on 28 June 2013. These provide a further exception to the income distribution requirement for investment trust companies, where the company has accumulated realised revenue losses in excess of its income for an accounting period. This amendment, announced in Budget 2013 will, together with legislation in clause 44 of Finance Bill 2013, preserve the exemption from corporation tax on chargeable gains for investment trust companies.
The government has tabled five amendments to Schedule 28 of Finance Bill 2013 (Close companies), which aim to ensure the new close company loans to participator rules will apply where a repayment is replaced by a further chargeable payment in a very short period of time, or under arrangements to replace the original chargeable payment.
In addition, The Offshore Funds (Tax) (Amendment No. 2) Regulations 2013, SI 2013/1411, come into force on 28 June. These amending regulations give effect to the second set of changes to the treatment of offshore funds announced in Budget 2013, to ensure investors are taxed on their correct proportionate share of the income of a reporting fund.
The Investment Trusts (Approved Company) (Tax) (Amendment) Regulations, SI 2013/1406, also come into force on 28 June 2013. These provide a further exception to the income distribution requirement for investment trust companies, where the company has accumulated realised revenue losses in excess of its income for an accounting period. This amendment, announced in Budget 2013 will, together with legislation in clause 44 of Finance Bill 2013, preserve the exemption from corporation tax on chargeable gains for investment trust companies.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")