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.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy