The Government recently issued two consultations in respect to the tax changes needed as a response to IFRS 16, the new lease accounting standard.
Despite the Government’s intention that the legislative changes proposed as a response to IFRS 16 would ensure that the leasing rules continue to work as originally intended, the new consultations published have a significant impact on the ‘status quo’ rules for lessees and have a much wider tax impact than originally expected.
Please see attached below our firm's flyer covering the background to IFRS 16, the issues raised by the two new consultations and our recommendations for clients going forward.
For further information, please contact Paul Nash or your usual PwC advisor.
