Who is Mr P?

Key points * Gift aid benefit limit changes. * EMI excluded activities. * Concession to avoid benefit charge is enacted. * The armed forces operational allowance. * Pre-owned assets tax and IHT elections. * ASPs and other pension provisions. * Stamp duty and SDLT measures.

THE TENTH SITTING of the Public Bill Committee considering the Finance Bill started with a review of clause 58 which deals with securitisation companies. These companies hold assets as security for rated debt issued to investors; generally such companies expect to make a relatively small profit over their life. However the effect of new international reporting standards would have been to make the commercial profit shown in accounts more volatile which could have resulted in tax liabilities that the company would have been unable to pay from its cashflow. Consequently FA 2005 allowed such companies to use generally accepted accounting...