HMRC have announced that proposals contained in last year’s consultation on combating income tax avoidance (in particular, avoidance using sideways loss relief) will not be pursued for the time being. The Government wants to monitor the impact of other legislation (such as the cap on uncapped reliefs and the proposed GAAR) first, before deciding whether further legislation is necessary.

For full details, see: http://customs.hmrc.gov.uk/channelsPortalWebApp/ channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ConsultationDocuments& propertyType=document&columns=1&id=HMCE_PROD1_032223.