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09 August 2010
Treasury plans to simplify rules
The Government has released the summary of consultation responses on ways to simplify the associated companies rules.
A document issued last year sought opinions on:
- whether respondents felt the proposed new test in the original consultation ensured that companies would only be associated when their level of interdependence meant it was ‘appropriate to do so’;
- suggested amendments to the proposed new test;
- areas which the draft guidance in the original consultation does not cover and would benefit from further examples;
- views on the draft impact assessment.
The latest paper proposes draft legislation and guidance based on the responses.
Mercer & Hole tax partner Cathy Corns said the proposed changes were ‘a welcome attempt to simplify the existing position’ but she also sounded a note of caution saying that they ‘introduce an element of subjectivity...
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