HMRC updates draft loan relationship reforms for UK connected companies
March 25, 2009
The UK tax authorities have amended draft legislation that will change the corporation tax rules on late-paid interest between connected companies, following initial public response to the proposal
HM Revenue & Customs published draft legislation in December 2008 for consultation. The proposal amended the late-interest rule and the similar equivalent rule on deeply discounted securities in the rewritten Corporation Tax Act, which is due to come into effect on April 1.
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