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Transactions in Securities

Becky Rees and Liz Morgan of the Tax Department of Pinsent Masons LLP take a look at the HMRC consultation document 'Simplifying transactions in securities legislation'
In the 2007 Pre-Budget Report the Government launched the 'Anti-avoidance simplification review'. In July 2009 HMRC published a consultation document detailing how it proposes to simplify the transactions in securities legislation. For anyone who has dealt with this legislation the news of a proposed simplification is on the face of it something to be welcomed. This article considers the draft proposals and asks whether they will achieve their aims.
Background to Legislation
The original legislation was introduced in 1960 as an anti-avoidance measure to prevent income tax avoidance...

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