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MARK MCLAUGHLIN looks at the proposed amendment of the anti-avoidance rules on transactions in securities
KEY POINTS
- The transactions in securities consultation document.
- Will the number of clearance applications be reduced?
- The old legislation and the new proposals.
- Will the proposals result in ‘taxation by guidance’?
- Should there be more ‘safe harbours’ in the new legislation?
When it comes to HMRC proposals to simplify legislation one might be forgiven for being a little apprehensive. The pension ‘simplification’ rules spring to mind for example.
However if there is a part of the tax law where some clarity and certainty would be warmly welcomed it is surely the anti-avoidance legislation on transactions in securities (TiS).
HMRC issued a 65-page consultation document Simplifying Transactions in Securities Legislation on 31 July 2009. It contains various HMRC proposals which are intended to clarify the...
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