HMRC has issued a consultation document regarding the legislation which is proposed to simplify the rules applying to capital gains for group companies.

As part of its Pre-Budget Report the Government announced plans to introduce changes to legislation which would simplify rules regarding the use of capital losses after a change in ownership, value shifting and depreciatory transactions, and degrouping charges.

Taxpayers and practitioners are invited to give comments on the document by 17 May 2010. http://www.hm-treasury.gov.uk/d/consult_simplification_capitalgains.pdf