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MARK MCLAUGHLIN CTA (Fellow), ATT, TEP looks at HMRC’s plan to give ESC C16 legislative effect
KEY POINTS
- Some extra-statutory concessions are to become legislation.
- Companies use ESC C16 to reduce the cost of a winding up.
- The concession has no application for company law.
- Procedure relating to reducing share capital.
- HMRC need to clarify ESC C16.
It is human nature to treat change with some apprehension. This can sometimes be the case even if it is for the better.
However any change that clearly makes life simpler is more readily accepted although this does seem to be particularly rare these days as far as tax is concerned.
HMRC recently issued Extra-statutory concessions: Technical consultation on draft legislation seeking views on the legislative effect that is being given to some concessions (see ESCs to be legislated).
This follows the House of Lords’ decision in R v...
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