Continuing our series on 'Tax in turbulent times' Anneli Collins and David Gordon of KPMG LLP comment on HM Treasury's brand new proposals to tax companies buying back debt or other unconnected debt at a discount
On 14 October 2009 the Financial Secretary to the Treasury announced that the Government intends to change the legislation dealing with the tax treatment of companies buying back their debt at a discount. The new legislation will be included within the next Finance Bill but will be effective from 14 October 2009 and will therefore impact a number of debt restructuring transactions which are currently under consideration or are in the process of implementation.
HM Treasury seems focused on the fact that the old debt buyback rules were being used beyond their original purpose...
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Continuing our series on 'Tax in turbulent times' Anneli Collins and David Gordon of KPMG LLP comment on HM Treasury's brand new proposals to tax companies buying back debt or other unconnected debt at a discount
On 14 October 2009 the Financial Secretary to the Treasury announced that the Government intends to change the legislation dealing with the tax treatment of companies buying back their debt at a discount. The new legislation will be included within the next Finance Bill but will be effective from 14 October 2009 and will therefore impact a number of debt restructuring transactions which are currently under consideration or are in the process of implementation.
HM Treasury seems focused on the fact that the old debt buyback rules were being used beyond their original purpose...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
