TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

HMRC publish draft guidance on the Simplification review of capital gains rules for groups of companies

HMRC have now published draft guidance to accompany the draft legislation and consultation response document published in December in relation to the above simplification review.

The draft guidance has been provided in the format that it will appear in, once finalised, in the relevant sections of the Capital Gains tax manual.

The guidance covers changes to:-

  • the degrouping charge;
  • losses following a change of ownership; and
  • the value shifting rules

The draft guidance can be found at http://www.hmrc.gov.uk/budget-updates/autumn-tax/simp-review-draft-guidance.htm and the draft legislation at http://www.hmrc.gov.uk/budget-updates/autumn-tax/clauses-explan-notes.pdf