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Debt buy-backs
HMRC made an additional announcement on 21 October answering many of the questions posed in the article on page 12 of Issue 1002 of The Tax Journal. This can be found at Here are some excerpts:
'Changes to corporation tax rules on debt buy-backs
'On 14 October the Financial Secretary to the Treasury announced the Government's intention to introduce legislation in Finance Bill 2010 to change the tax rules where companies buy back debt they have issued. The full text of the statement is available from [].
'Draft clauses for Finance Bill 2010 setting out amendments to the loan relationships legislation in Part 5 of the Corporation Tax Act 2009 (CTA) will be issued as soon...

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