Loan Relationships, Derivative Contracts and Foreign Exchange Gains and Losses: A Technical Note
We have issued a Technical Note inviting comments by 15 February 2002 on proposals, including draft clauses and regulations, for a new tax regime for Loan Relationships, Derivative Contracts (previously known as "Financial Instruments") and Foreign Exchange Gains and Losses ("Forex").
The Technical Note is available as two separate files:
a) Overview of the new regime and summary of responses to the July Consultative Document; (PDF 74K)
b) draft clauses, regulations and commentary. (PDF 1.08MB - Please note that the download time for this PDF may be up to 4 minutes, depending on the speed of your modem.)
The new regime is intended to take effect for accounting periods beginning on or after 1 October 2002.
The Technical Note also contains measures, in addition to those announced in the July Consultative Document, to counter avoidance schemes which have been used to exploit the existing legislation. These measures are intended to have effect from the date of the news release announcing this Technical Note (19 December 2001).
Please send your comments on the proposals to:
David Gillon
Revenue Policy, Business Tax
4th Floor, 22 Kingsway
London
WC2B 6NR
Telephone: 020 7438 6131
Email: david.gillon@ir.gsi.gov.uk
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