The tax law governing foreign exchange, corporate debt and derivatives was rewritten in Finance Acts 1993, 1994 and 1996. This legislative regime has lasted about seven years, which may account for the Inland Revenue’s desire to reform it. Consultations began in December 2000. First draft legislation was published in a consultative document on 26 July 2001. (The Association’s response to the consultative document can be found at www.treasurers.org/corpdebt.html.)
