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The proposed tax changes for leased plant

The proposed tax changes for leased plant

Michael Everett and Peter Casey take a look at the Government’s proposed leasing tax changes in a recent article for Tax Journal.

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HMRC have been working on a project to fix the UK tax code so that – following the introduction of IFRS 16 – the tax rules for leased plant and machinery continue to work broadly as they do currently. On 1 December, HMRC published two consultation documents. Leasing: tax response to accounting changes focuses mostly on amendments to the long funding leasing rules with some comment on other areas. Corporate interest restriction: tax response to accounting changes for leasing explains the impact of IFRS 16 on the corporate interest restriction and outlines three possible replacements for the finance lease/operating lease divide.

In a recent article for Tax Journal, Michael Everett and Peter Casey take a look at some of the detail behind the consultations, including the background to why the changes are being made, an overview of the technical changes HMRC are proposing, the interaction with the corporate interest restriction and capital allowances regimes, and the next steps for those with leased assets.

* First published in Tax Journal on 8 December 2017. Reproduced with permission.

For further information please contact:

Michael Everett

Peter Casey
 

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