Another Revenue rewrite
Changes to capital allowance rules; foreign dividends arrangements withdrawn.
Inland Revenue
The Inland Revenue has recently published further rewritten tax legislation. This instalment is the third which relates to capital allowances, and rewrites the rules for agricultural buildings, scientific research, mineral extraction and plant and machinery. The deadline for comments is 29 October. (Press release, 4 August.)
The current arrangements under which UK unit trusts and open-ended investment companies receive foreign dividends and quoted UK eurobond interest from UK paying agents without deduction of income tax will be withdrawn from 31 March 2000. (Press release, 3 August.)
The Revenue opened 183 of its offices over the weekend prior to 1 August in order to enable subcontractors to submit any last-minute applications for the new construction industry tax scheme. (Press release, 30 July.)
The Revenue’s home page can be found at www.inland revenue.gov.uk
Inland Revenue and Customs & Excise press releases can be reached via www.nds.coi.gov.uk/coi/coipress
English ICA tax faculty The ICA Tax Faculty is hosting a lunchtime lecture in Moorgate Place, London on 9 September. The talk which is to be given by Ian Barlow of KPMG, is entitled ‘The boundaries between tax avoidance and tax planning’