TaxPersonal TaxIncome tax loophole slammed shut

Income tax loophole slammed shut

The Inland Revenue has moved to close a loophole in tax legislation that could result in the avoidance of income tax.

Link: A new corporate tax agenda?

Dawn Primarolo announced yesterday, changes relating to rules for taxing UK dividends received and making equivalent ‘manufactured payments’ under a repo or stock loan.

The changes will ensure that a tax deduction for a manufactured dividend may only be set against a corresponding taxable dividend receipt.

For more information on the loophole see: the full release

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