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Manufactured payments: consultation

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HMRC is seeking views on proposed changes to the income tax and corporation tax rules on manufactured payments, which the department describes as ‘amounts representative of interest or dividends paid and received under financial arrangements such as sale and repurchase arrangements (“repos”) and stock lending’.

The stated aim is to ‘simplify the current rules and gain a better understanding of the impacts of any proposed changes to those rules, including the impact on the potential for tax avoidance’.

Comments are invited by 22 June 2012.