All posts by Andre Anthony, Tax Associate, CMS

The Corporate Interest Restriction (“CIR”) rules, which came into force on 1 April 2017, limit the net financing costs which a group can deduct against its UK taxable income. The rules apply to interest and amounts economically equivalent to interest, which are referred to as “tax-interest” in the legislation. Tax-interest includes the financing costs of … Continue reading Corporate Interest Restriction Rules & IFRS 16 Leases

The International Accounting Standards Board’s new international accounting standard on leases, IFRS 16 Leases (“IFRS 16”), will shortly be coming into force in respect of periods of account beginning on or after 1 January 2019. For lessees, the new standard has important implications, bringing most leases on-balance sheet, while eliminating the dichotomy between finance leases … Continue reading UK Tax Changes in Response to New Lease Accounting Standard (IFRS 16 Leases)

The proposed changes to the UK’s taxation of non-domiciliary rules, which were due to come into force on 6 April 2017, were dropped in their entirety from Finance Bill 2017 (now Finance Act 2017) to enable passage of the legislation through Parliament ahead of the snap General Election on 8 June 2017. This move came … Continue reading Finance Act 2017: Postponement of Proposed Changes to the UK’s Taxation of Non-Domiciliary Rules

The Government announced yesterday that it will consult in summer 2017 on the legislative changes required following the implementation of the International Accounting Standards Board’s new leasing standard, IFRS 16 (Leases), which applies to periods of account beginning on or after 1 January 2019. The tax treatment of a lease, in some important respects, is … Continue reading Budget 2017: Lease Taxation Post-Implementation of IFRS 16 Leases