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Budget Comment: on transactions in securities

Budget Note 41 came as no surprise. HMRC had issued a consultation document dealing with the possible reform of the legislation relating to transactions in securities on 31 July 2009.

The document contained draft legislation and a promise of detailed guidance and even included some examples.

A consultation response document was issued on 9 December 2009 dealing with points raised and setting out the way forward.

The stage was therefore set for the introduction of some welcome changes to simplify and make clearer the operation of this notoriously difficult legislation. BN 41 announced what we all knew was coming.

However being an anti-avoidance provision it was announced that the measure will 'generally have effect' (will it? won't it?) for transactions on or after Budget day 24 March 2010.

Why the sudden urgency for something that has been under consideration for some eight months? Why not have it...

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