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HMRC consults on changes to lease taxation as a result of IFRS 16

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05 Dec 2017

HMRC has issued a consultation on the legislative changes required to ensure that the tax treatment of leases reflects lease accounting rules upon the implementation of IFRS 16 ‘Leases’.

The focus of the consultation, which follows an earlier consultation in August 2016, is on the accountancy and tax interaction of leasing, particularly in relation to plant and machinery, but it also considers the wider tax implications of IFRS 16.

Concurrently HMRC has also issued a consultation on options for legislative changes required to ensure that the Corporate Interest Restriction Rules in Part 10 Taxation (International and Other Provisions) Act (‘TIOPA’) 2010 work as intended following the proposed repeal of section 53 Finance Act 2011 and the introduction of IFRS 16.

Both consultations run until 28 February 2018.

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UPDATE 11 JULY 2018 - responses to both of the above consultations have been published on the HMRC website as follows:

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