Consultation outcome

Plant and machinery lease accounting changes

• From: HM Revenue & Customs
• Published: 1 December 2017
• Last updated: 6 July 2018 — See all updates

This consultation has concluded

Download the full outcome

Leasing: Tax response to accounting changes

PDF, 199 KB, 15 pages

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Detail of outcome

You can read the summary of the responses to the consultation on the tax responses required because of changes in accounting for leases in International Financial Reporting Standard (IFRS 16).

This also sets out the government’s proposed changes to the legislation, which take those responses into account.

The government has also published draft legislation setting out the changes required for the accounting changes.

Legislation is expected to be included in the next Finance Bill to be effective for accounting periods beginning on or after 1 January 2019. Some changes to the long funding lease rules will be effective for leases entered into on or after 1 January 2019.

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Original consultation

Summary

Consultation on the legislative changes required to ensure leasing rules continue to work as originally intended for the new lease accounting standard IFRS16.

This consultation ran from
1pm on 1 December 2017 to 11:45pm on 28 February 2018

Consultation description

This consultation looks at the accountancy and tax interaction of leasing; in particular in relation to plant or machinery, but also in relation to the wider impact of the accounting change.

Documents

Leasing: Tax response to accounting changes

PDF, 263 KB, 35 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Published 1 December 2017
Last updated 6 July 2018 + show all updates

1. 6 July 2018

   Added summary of responses.

2. 1 December 2017

   First published.