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PETE MILLER outlines his thoughts on HMRC’s plans for the simplification of the capital gains rules for groups of companies
KEY POINTS
- The need for simplification and the main proposals.
- An explanation of the new mechanism.
- Its interaction with existing rules.
- Why are there no matching changes to the rules for intangible assets?
- Some flexibility with ‘just and reasonable’ adjustments.
- Have your voice heard by responding to the consultation document by 17 May 2010.
The anti-avoidance simplification review was announced at Budget 2007 to identify anti-avoidance legislation which could be simplified and made more effective without any adverse impact on revenues.
Various aspects of the rules on chargeable gains for groups of companies were identified as needing an overhaul and following a discussion document in July 2009 a consultation document was issued by HMRC/HM Treasury in February ...
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