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UK: Tax measures in draft finance legislation

UK: Tax measures in draft finance legislation

The UK government published draft clauses and supporting documents for Finance Bill 2019-2020.


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There are measures concerning: a digital services tax; corporate capital loss restriction; off-payroll working rules effective April 2020; and the extension of stamp duty anti-avoidance to unlisted shares. Other tax measures concern:

  • The deferral of corporation tax payments on EU group asset transfers: A measure (effective 11 July 2019) would allow taxpayers to apply to defer payment of up to the amount of corporation tax on profits or gains attributable to affected group asset transfers.
  • Share loss relief and capital gains tax relief on loans to securities traders: The scope of two relief measures would be increased to provide for compatibility with the principle of free movement of capital. Both measures would be effective from 24 January 2019.
    • The share loss relief measure is designed to benefit individuals and investment companies, by broadening the scope when qualifying shares are subsequently disposed of by the shareholder for a loss.
    • The capital gains tax relief measure is designed to benefit individuals, by broadening the scope for loans to securities traders that subsequently become irrecoverable.
  • Spreading of transitional adjustments on new lease accounting: The proposed measure would make certain clarifying changes to the recent rules dealing with the tax impact of IFRS 16 adoption, including measures for early adopters.

Read a July 2019 report prepared by the KPMG member firm in the UK

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