Tax loopholes closed.

The provision was tabled among clause changes the Treasury said would improve the tax treatment of companies that draw up their accounts in a foreign currency. International companies trading in the UK will be able to use their own currency and have more flexibility in choosing average rates of exchange. The Revenue said a recast anti-avoidance provision would ‘make it clear it is the total effect of a company’s arrangements that is relevant, not individual transactions.’

Related reading

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