The UK Government tabled a new clause for Finance Bill 2007 on Wednesday, 20 June. The changes relate to the restriction of management expenses and will be effective from 20 June 2007. The new rule will apply where arrangements produce a contrived deduction or tax advantage, or where any genuine expenses of managing the investment business are artificially increased.

Click http://www.hm-treasury.gov.uk/media/B/E/financebill2007_amdt_government_new_clause.pdf for a copy of the new clause.