As part of the Government's work leading to a new business tax road map, HM Treasury has published a consultation paper seeing views on the rules for the deductibility of interest: see here. The paper sets out the Government's position on proposals in this area - Action 4, Limiting Base Erosion Involving Interest Deductions and other Financial Payments - recently published by the OECD as part of its Base Erosion and Profits Shifting Project: they are seen by the Government as an appropriate response and views are now sought on how they should be implemented. It is unlikely that new rules would be introduced before 1 April 2017.
Thursday, 22 October 2015
UK: Consultation on the tax deductibility of corporate interest expenditure
As part of the Government's work leading to a new business tax road map, HM Treasury has published a consultation paper seeing views on the rules for the deductibility of interest: see here. The paper sets out the Government's position on proposals in this area - Action 4, Limiting Base Erosion Involving Interest Deductions and other Financial Payments - recently published by the OECD as part of its Base Erosion and Profits Shifting Project: they are seen by the Government as an appropriate response and views are now sought on how they should be implemented. It is unlikely that new rules would be introduced before 1 April 2017.
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