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Good Relationships

Anthony Davis Cadwalader Wickersham and Taft LLP welcomes the proposed changes to the treatment of loan relationships in insolvency announced in the PBR
The success of recent consultation exercises by the Inland Revenue has been about as mixed as the skills of the skaters on the rink at Somerset House so it is pleasant to welcome the first fruits of one exercise which has been a model of cordiality and good sense.
Readers will recall that Finance Act 2003 (FA) Schedule 41 introduced new rules to deal with the corporation tax position of companies in administration by following the rules in a liquidation ending an accounting period and so on — slightly controversial but necessary in the light of the new regime introduced by the...
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