One 14 March 2024, the government released draft legislation coming good on its promise to reduce the bright-line period to two years and repeal the interest limitation rules.
The highlights are as follows:
The above is a summary of where things stand at the moment. We are still working through the draft legislation in detail and would not be surprised if there are issues with the drafting due to the haste with which it has been produced.
The observations above reflect the intention of the new legislation per the accompanying commentary. Hopefully the finalised form of the legislation accurately reflects that, but we will be keeping an eye on it and will post any updates as they come to hand.
Thanks GRA for ALL your help today :) You have such a great way of making your clients feel comfortable with the whole process...even though it sounds so confusing at times to me :( I would have to say that I definitely feel a WHOLE lot better now...and I have a better understanding of what is still needed to be done and what we will have to continue to do... THANK YOU :) THANK YOU :) THANK YOU :) THANK YOU - Annie Illingworth
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