TAX NEWS: UITF 40 ' ICAEW releases further guidance for tax. By Nichola Ross Martin
Following the release of updated guidance on the accounting rules of UITF 40 in April, the ICAEW have now at last released a tax guide on the topic. This publication has been on hold waiting to ensure that there were no amendments to the spreading relief rules in the 2006 Finance Act. That act has now moved on from the Commons to the House of Lords.
The tax guide points out that HMRC's guidance on the topic (Helpsheet 238) "is likely to need some revisions", and the ICAEW will be putting these points to the revenue shortly.