Andrew Scott (Pinsent Masons) reviews the new rules in relation to the income tax and corporation tax treatment of transactions concerning land in the UK.
New rules enacted in Finance Act 2016 were effective from 5 July in relation to the income tax and corporation tax treatment of transactions concerning land in the UK. Although the rules apply to structures involving offshore developers and much of the surrounding publicity focused on that aspect the rules also contain replacements for the former transactions in land rules and therefore apply to UK resident persons as well. Before discussing the new rules I should point out that while at HMRC I played a role in relation to the technical note published on Budget day although I had no involvement in post-Budget developments.
Offshore developers
...
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Andrew Scott (Pinsent Masons) reviews the new rules in relation to the income tax and corporation tax treatment of transactions concerning land in the UK.
New rules enacted in Finance Act 2016 were effective from 5 July in relation to the income tax and corporation tax treatment of transactions concerning land in the UK. Although the rules apply to structures involving offshore developers and much of the surrounding publicity focused on that aspect the rules also contain replacements for the former transactions in land rules and therefore apply to UK resident persons as well. Before discussing the new rules I should point out that while at HMRC I played a role in relation to the technical note published on Budget day although I had no involvement in post-Budget developments.
Offshore developers
...
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