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In brief: pensions relief; CFCs & PEs; corporate debt

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Pensions tax relief consultation

HMRC has published for comment until 2 September 2013 a consultation seeking views on the draft legislation regarding individual protection from the Lifetime Allowance. For 2014/15 onwards, the Annual Allowance would be reduced from £50,000 to £40,000; the Lifetime Allowance would be reduced from £1.5m to £1.25m; and the consultation document details government proposals to implement an individual protection regime to accompany the reduction in the pensions lifetime allowance.

Draft guidance on CFCs & PEs

HMRC has published draft guidance on its website of the draft legislation for the new Controlled Foreign Companies (CFCs) rules, and some amendments to the rules for the exemption of foreign permanent establishments (PEs) that will apply to CFCs and PEs with accounting periods that begin on or after 1 January 2013.

Consultation on corporate debt & derivative contracts taxation

The government announced a review of the rules governing the taxation of corporate debt (loan relationships) and derivative contracts, with the aim of redesigning them to be simpler, clearer and more resistant to tax avoidance; this consultation forms part of that process. HMRC is inviting comment on the proposals made and on their commercial and fiscal impact on businesses. The consultation closes on 29 August 2013.

Issue: 1173
Categories: News