TaxPersonal TaxChecklist – All-employee roadshow.

Checklist - All-employee roadshow.

Taxable accounting in foreign currency; CIoT submission over Revenue

Inland Revenue[QQ] Companies can get advice on setting up all-employee share plans from a series of roadshows, run by the Inland Revenue and ProShare. (Press release dated 12 January.) The next Finance Bill will contain legislation enabling companies which draw up their accounts in a foreign currency to have taxable profits based on that currency. The changes will allow the existing rules for using foreign currency profits as the basis for computing taxable profits to be extended to activities other than trades, allow all companies to follow their accounting treatment for tax without having to make an election and allow capital allowances, trading losses and losses from property business to be computed in a currency other than sterling. The new rules will apply for accounting periods beginning on or after 1 January 2000. (Press release dated 14 January.) The Revenue’s home page is www.inlandrevenue.gov.uk English ICA Tax Faculty The first lunchtime lecture will be on 30 March at Chartered Accountants’ Hall. Peter Cussons, a PwC partner, will discuss the implications of EU tax harmonisation. Book by calling 020 7920 8646. The Tax Faculty is open to all chartered accountants. Telephone 020 7920 8646 for the latest prospectus. Chartered Institute of Taxation CIoT has made a submission on the Revenue powers to combat tax fraud in response to Inland Revenue Technical Note of November 1999. For more details call the Technical Department on 0171 235 9381 or visit the Institute’s website found on: www.tax.org.uk.

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