Capital gains simplification review
The Treasury together with HRMC have published a discussion document entitled ‘Simplification review: Capital gains rules for groups of companies’. The publication of this document follows on from earlier consulations which identified that the rules for capital gains tax for groupcompanies was an area which would benefit from simplification.
Specifically there are proposals to simplify three main areas:
- Capital losses following a change in ownership
- Value shifting and depreciatory transactions
- Degrouping charges
The Government is inviting comments from businesses as well as representative bodies and tax advisers on the proposals with a view to publishing a full consultation document by the end of the year. Comments should be sent to the Related Companies Simplification Review Team by 30 September 2009.
There are also workshops planned to be held during September to discuss stakeholder views of the proposals. Taxpayers interested in attending the workshops should send expressions of interest by email firstname.lastname@example.org before 31 July 2009.