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Comments on guidance wanted by 1 Nov
Draft guidance relating to a change in the interpretation of the meaning of the term 'securities' within TA 1988, s 842 has been published by HMRC.
It sets out the conditions that an investment trust company must meet to be treated as an approved investment trust for tax purposes.
As such, investment trust companies are not subject to tax on any gains and are also exempt from tax on certain capital profits arising from loan relationships and derivative contracts that would otherwise be taxable as income.
The guidance will be inserted into the Company Taxation Manual at CTM47211 once it has been finalised.
Comments on the guidance should be sent no later than 1 November 2009 to Angela Nagarajah, via the email link on the HMRC website.
