The government has tightened tax rules around debt restructuring, in a move
that could be aimed at banks’ gains from the transactions.
Companies that buy back debt at a discount will have to recognise any profit
on the transaction immediately.
Banks and other major companies have bought back debt due to the price
available in a depressed market.
back £14.8bn of debt in March, which resulted in a pre-tax gain of £4.6bn.
One lawyer said: “The banks are in their sights.”
said the change in policy would only affect companies being rescued, and the
transaction was being undertaken where there was no commercial justification, in
order to avoid tax.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
The SME community voices concern about the chancellor's measures in the Spring Budget
Following chancellor Philip Hammond’s Spring Budget speech, we explore the key takeaways for businesses and individuals