The Treasury has slammed the door on avoidance schemes in which individuals
claim tax relief on loans used to invest in partnerships or small companies.
The measures are intended to affect loans in which the deductibility of
interest means the investor is guaranteed a profit.
Financial secretary Stephen Timms said he was acting after HMRC received
notification of the avoidance arrangements.
In a statement to the Commons on the inclusion of a provision in the next
finance bill, he said that, in future, interest will not be eligible for tax
relief in these circumstances but undertook that the curb will not catch
‘genuine commercial arrangements’ where there is uncertainty as to the return on
Report argues that the government must change the way it makes tax and budget decisions
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Top 25 firm HW Fisher & Co has acquired London firm Rhodes & Rhodes