Govt targets business loans in tax clamp-down

A General Anti Avoidance Rule (GAAR) could also be resurrected, as the government launches a study to see if it would cut down tax avoidance. Companies which do not recognise amounts involving loans and derivatives in their balance sheets to avoid tax will be targeted with immediate effect. In the coming months, the government will stop investment companies retrospectively changing the currency in which they prepare their accounts for tax purposes, crackdown on disguised remuneration and businesses which artificially split the supply of services to reduce VAT. David Gauke, Excheque...