§ The Paymaster General (Dawn Primarolo)Legislation to prevent tax avoidance using transactions in strips of Government bonds is to be included in Finance Bill 2004. The legislation applies to holdings of such strips where the profits or losses are chargeable to income tax and addresses the artificial creation of losses that can be set against other income. The changes will have effect from today.
A copy of today's Inland Revenue News Release giving the relevant background to this measure is being deposited in the Libraries of both Houses and is also accessible on the Inland Revenue's website: http:// www.inlandrevenue.gov.uk/