Bidders participating in the race for £3.6bn auction for Angel Trains are
grappling with questions of how to overcome complex rules, contained in the
Finance Act, designed to stop companies buying leasing businesses purely as a
After being allowed capital allowances for tax purposes against their
investment in new trains when rolling stock companies were privatised, Angel’s
owners , the Royal Bank of Scotland, may be lumbered with a £600m tax toll on
selling Angel, which makes about £100m in profits a year, the
The burden would be passed on to the winning bidder. The company may then
seek to offset the tax losses against profits in other parts of their business,
but this could fall foul of Schedule 10 of the Finance Act.
Bidders are trying to find ways of offsetting the tax losses but the risk is
that HMRC could view this as an anti-avoidance measure.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements