Further amendments made to Finance Bill
The taxman today beefed up anti-avoidance legislation aimed at nettingtaxes from international business in a new raft of amendments to its burgeoningFinance Bill.
The provision was tabled among clause changes the Treasury said would improvethe tax treatment of companies that draw up their accounts in a foreigncurrency.
International companies trading in the UK will be able to use their own currencyand have more flexibility in choosing average rates of exchange.
But, the Revenue said that a recast anti-avoidance provision would ‘make itclear that it is the total effect of the company’s arrangements that isrelevant, and not the effect of individual transactions.