Autumn Budget 2017: Accounting changes for leasing and tax integration

A new accounting standard for leasing, IFRS 16, was recently introduced which has necessitated a change to the tax legislation.

Two consultations will be published by the Government on 1 December 2017. The first will cover the legislative changes needed to ensure that income tax and corporation tax rules for leased plant and machinery continue to work. The second will look at options for the corporation tax treatment of lease payments under the new corporate interest restriction rules at Part 10 of Taxation (International and Provisions) Act 2010 (TIOPA 2010).