Inland Revenue confirms proposed tax changes

In the June 2001 issue of International Investment, I wrote about UK Inland Revenue Press Release No. 76/25 April 2001. This contained proposals to change the definition of a recognised stock exchange for tax purposes. After consultation, the Revenue has now confirmed the proposals. Previously, S841 ICTA 1988 defined a recognised stock exchange for tax purposes as the London Stock Exchange and any non-UK exchange that was approved by an order of the Inland Revenue. Over the years, a large number of stock exchanges were added to a list maintained by the Revenue. In order for a foreign stoc...