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Tax and the City briefing for September 2016

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With changes to lease accounting on the horizon, HMRC takes the plunge with a consultation on changes to UK lease taxation, with proposals ranging from business as usual to a new leasing allowance. HMRC is also consulting on proposals to clarify a number of uncertainties in UK partnership taxation, including the basis for allocating profits. HMRC successfully challenges a tax avoidance scheme seeking deductions for manufactured payments on the basis that it had no real world effect. In a further consultation, the OECD considers the position of banks and insurers under BEPS proposals for limiting deductions for interest costs.

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