Tax deadlines to change for IFRS disregard rules

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HMRC is consulting on proposals to changes in corporation tax which have resulted from the adoption of the International Financial Reporting Standards (IFRS), particularly International Accounting Standards (IAS) relating to disregard regulations and exchange gains and losses.

There has been an extension to the deadline for electing not to apply Regulation 9 of the Disregard Regulations from October 31 to December 31. These mainly apply to currency and interest rate swaps.

But the Institute of Chartered Accountants in England and Wales (ICAEW) points out that the deadline relating to Regulations 7 and 8, which deal with currency and commodity forward contracts, has not been extended.

An ICAEW spokesman said: "We consider this is unreasonable and will force companies to make a difficult decisi...

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