Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
‘The government has become aware of businesses abusing the intended relief by making payments to connected persons many years in advance of future works and claiming relief is due as a payment has been made. This puts at risk substantial amounts of tax,’ HMRC said.
The changes, set out in draft legislation, will apply from 21 March 2012.
Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
‘The government has become aware of businesses abusing the intended relief by making payments to connected persons many years in advance of future works and claiming relief is due as a payment has been made. This puts at risk substantial amounts of tax,’ HMRC said.
The changes, set out in draft legislation, will apply from 21 March 2012.
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