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Debt and derivative reform

Category 2001 Releases
AuthorTechnical Department
Qualified welcome to pre-budget review deferral of taxation of debt and derivative reform: Press release of 5 December 2001. Contacts: Vincent Oratore, 020 7995 0847
Viv Rees or Bianca Marsden, 020 7235 9381

Vincent Oratore, Chairman of the Chartered Institute of Taxation Technical Committee, gave a qualified welcome to the announcement in the Pre-Budget Review of the deferral of the effective date of legislation of changes to taxation of debt, financial instruments and Forex to accounting periods beginning on or after 1 October 2002.

Vincent Oratore said:

“We are pleased that the Government has now recognised the problems of the complexity of the basic debt and derivative legislation and extended the time frame to implement the changes. But it has failed to look at all the relieving provisions.

“We understand that the anti–avoidance proposals in the consultative document will continue to be effective from 26 July 2001. But we would like to have consistency and also see the provisions dealing with connected party debt purchased at a discount and for connected party debt held by companies in liquidation come into effect from 26 July.”

Ends

NOTE FOR EDITORS:

The Chartered Institute of Taxation (CIOT), the leading professional body in the United Kingdom concerned solely with taxation, was established in 1930 and received its Royal Charter in 1994. The CIOT’s primary purpose is to promote education in and the study of the administration and practice of taxation. Members of the CIOT have the practising title of “Chartered Tax Adviser”.

One of the CIOT’s key aims is to achieve a better, more efficient, tax system for all affected by it - taxpayers, advisers and the authorities. The CIOT will frame its comments and recommendations on tax issues solely in order to achieve its aims: it is entirely apolitical in its work.

Membership of the CIOT is open to individuals from all disciplines who are competent and qualified to advise on taxation matters. Entrance is through its associateship examination, from which members may advance to fellowship by thesis. An increasing number of members hold the CIOT qualification as their main professional qualification.

The CIOT deals with all aspects of direct and indirect taxation. It is the United Kingdom member of the Confédération Fiscale Européenne (CFE), the umbrella body for taxation advisers in Europe. The CFE represents a total of over 150,000 tax advisers throughout the European Union and its neighbouring countries. It plays a full part in the development and operation of tax legislation in the Union and supports the establishment and maintenance of the rights of tax advisers within the Union.

In 1989 the CIOT sponsored the formation of The Association of Taxation Technicians (ATT), which is the leading professional body for tax specialists engaged in assisting individuals and businesses comply with their tax obligations. The ATT, with which the Institute maintains a close relationship, provides the qualification “Taxation Technician”. Its examination also acts as a stepping stone towards membership of the Institute.

The CIOT and ATT are registered charities.

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