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THE INLAND REVENUE published a Technical Note as part of the Pre-Budget Report (PBR) papers which followed earlier consultation in respect of corporation tax reform.
The paper — which this time includes some draft legislation — looks again at the three areas set out in the August 2002 consultation:
* reform of the schedular system;
* the tax treatment of capital assets; and
* tax differences between trading and investment companies.
The document also looks at the taxation of leasing transactions as outlined in the August 2003 consultation. Further questions are included in the paper to which responses are invited from interested parties. These responses should be received by 25 February 2005 with any reform taking place in 2006.
Although the Technical Note implies that it relates solely to corporation tax the changes to the taxation of leases will...
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