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HMRC’s Corporate Finance Manual has been updated and relaunched.
The new manual – which marks the demise of the department’s Banking Manual – incorporates the rewritten legislation on loan relationships and derivative contracts in the Corporation Tax Act 2009.
The content is largely the same as that of the old version, but it has been updated in some places and is arranged slightly differently.
Paragraphs CFM10000 et seq set out the commercial background to corporate finance, while paras CFM20000 et seq cover the accounting treatment of corporate finance.
Updated guidance on the corporation tax rules on loan relationships, derivative contracts, foreign exchange and other aspects of corporate finance is contained in paras CFM30000 to CFM80000. It is designed to follow the structure of the Corporation Tax Act 2009. Guidance on the new debt cap rules will be added in due course.
Paras CFM1160 and CFM1170 provide a conversion table which sets out how the former guidance within the old Corporate Finance and Banking manuals has been rearranged in the new manual.
