Proposed Change In U.K. FX Tax Will Mean Less Corporate Hedging
CORPORATIONS
An anomaly will be eliminated from the taxation of foreign exchange gains and losses posted by U.K. corporates under draft legislation circulated for comment last week by the Inland Revenue. According to tax experts and corporate treasurers, this proposed change in the tax law could curb hedging techniques that many companies have used under the present rules--and hence corporate use of some hedging instruments.
Michael Squires, a tax partner at KPMG Peat Marwick in the U.K., says the present law
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