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16th August 2011
Economic secretary to the Treasury Justine Greening explained that the changes have been brought forward after initially being planned for April 2012, which may have implications for those paying contractor tax.
Concerns had been raised over the loss of revenue to the Exchequer if the practice was allowed to go on any longer.
"By ending this loophole today we will preserve important revenue while maintaining a fair system of capital allowances to support business investment," explained Ms Greening.
She added that the government will do all it can to stamp out tax avoidance and ensure the system remains fair for the taxpayer.
It was recently announced that the IR35 hotline run by HMRC can now support an audit call of trails.
Capital allowances claims loophole to be closed early
A loophole that allowed businesses to speed up capital allowances claims for machinery will be closed with immediate effect.
Economic secretary to the Treasury Justine Greening explained that the changes have been brought forward after initially being planned for April 2012, which may have implications for those paying contractor tax.
Concerns had been raised over the loss of revenue to the Exchequer if the practice was allowed to go on any longer.
"By ending this loophole today we will preserve important revenue while maintaining a fair system of capital allowances to support business investment," explained Ms Greening.
She added that the government will do all it can to stamp out tax avoidance and ensure the system remains fair for the taxpayer.
It was recently announced that the IR35 hotline run by HMRC can now support an audit call of trails.
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