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On 27 July 2010, the UK Government published a Consultation Document setting out proposals for the modernisation of the UK tax treatment of approved investment trust companies (ITCs
Following concerns that the conditions for approval as an investment trust company ("ITC") under section 842 of the Income and Corporation Taxes Act 1988 ("section 842") (rewritten in section 1159 of the Corporation Tax Act 2010 with effect from 1 April 2010) were not compliant with EU law, HMRC had recently indicated that it would seek to withdraw its Statement of Practice 397 ("SP397"
This year's Pre-Budget Report announced the Government's intention to introduce a one-off "Bank Payroll Tax", at the rate of 50, to the extent a company falling within the ambit of draft legislation pays a bonus in excess of £25,000
The publication of the Finance Bill 2009 marked the latest stage in a period of significant change in the UK tax treatment of investment funds and their investors
