HMRC urged to base tax relief for lessors on real-world depreciation

The Government is being urged to adopt a fairer, more transparent tax relief system to accommodate new lease accounting rules.

The changes, which take effect from January 1, 2019, will mean leased assets (including vehicles on operating leases) are brought on to companies’ balance sheets. They are being introduced by the International Accounting Standards Board (IASB) with the aim of giving a more complete picture of a company’s financial position.

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