close
Share with your friends

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.

1000

Related content

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

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal