HL Deb 14 December 2004 vol 667 c74WS
The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord McIntosh of Haringey)

My right honourable friend the Paymaster General has made the following Written Ministerial Statement.

Legislation to prevent companies bringing forward tax relief for losses prior to transition to international accounting standards is to be included in the Finance Bill 2005. The legislation applies to losses arising on transactions that are designed to accelerate relief that would otherwise be deferred. The changes will have effect from today.

A copy of today's Inland Revenue news release giving the relevant background to this measure has been deposited in the Libraries of both Houses and is accessible on the Inland Revenue's web site at http//www.inlandrevenue.gov.uk.