The Chancellor is seeking to crack down on tax arbitrage and is looking in particular at leasing and buying capital gains or losses. Treasurers undertaking any form of reorganisation need to understand the change in the rules on capital losses. The Pre-Budget Report did contain some good news on spreading extra tax payable on work in progress by service entities, the definition of a securitisation company, and the putting back of a deadline for an election under the Disregard Regulations.
