BusinessCompany NewsBudget follow-up: IAS switch will not be a disadvantage

Budget follow-up: IAS switch will not be a disadvantage

The government has confirmed in the Budget that companies switching to international accounting standards in 2005 will receive broadly the same tax treatment as companies that continue to use UK GAAP.

Link: Budget 2004

The measures include legislation to ensure that IAS users will not miss out on tax relief for research and development, derivative contracts, intangible fixed assets, and financial assets and liabilities.

The measures were originally announced in December’s pre-Budget report.

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