A lot of changes
HMRC has recently published a (four page!) list of consultations on prospective changes to tax law following the emergency Budget. Some of the key topics included are taxation of foreign profits, changes to the R&D regime, tax relief on pension contributions, loan relationships and some wide ranging anti-avoidance topics including the possibility of an over-arching general anti-avoidance provision. There is a broad timetable for the launch of these that started on 22 June and finishes in 'Autumn 2010'.
Is it just me or does this sound like a lot to fit in and manage at a time when there is pressure on resources? From a personal point of view it also looks like a lot to digest, consider possible outcomes and implications, and work out what action should be taken in a short space of time.
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Cathy Corns is a Corporate Tax partner at Mercer & Hole.
Date: 9th July, 2010
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