Checklist – New tax relief for oil rigs

Inland Revenue

The cost of making oil rigs is to receive a new tax relief, which will also apply to pipelines and North Sea oil installations available for reuse.

The measure is intended to reverse the trend of scrapping equipment as opposed to reusing.

Comments are being invited on draft regulations to improve the treatment of companies that draw up accounts in a foreign currency.

Deadline for comments is 30 September.

The Tax Law Rewrite Project has produced its first piece of draft legislation in the shape of a Capital Allowances Act.

The Finance Act 2000 can now be viewed on the HMSO website and runs to a staggering 624 pages.

Customs & Excise

Customs & Excise has relaxed the Intrastat rules which come into effect from 1 January, 2000.

Agreements have been reached with the motor trade to cover the VAT treatment of such items as stock and demonstrator cars.

A working party has been created to review VAT treatment of face value vouchers.

English ICA Tax Faculty

The faculty has made formal representations on intellectual property and deferral relief.

Tim Porter of PricewaterhouseCoopers is to give a special lecture on middle market and owner managed businesses at the Faculty on 14 September.


Inland Revenue

Customs & Excise

Tax Faculty

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