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Lease taxation under IFRS 16 – part 2

In part two of our series on lease taxation under IFRS 16 Leases, the new accounting standard set to come into use in 2019, CCH tax specialist writer Paul Davies considers the pros and cons of HMRC's initial proposals for different variations on accounts based regimes using a leasing or capital allowance approach

For some time now, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) have been developing a new converged accounting standard to replace IAS 17 Leases. The new standard IFRS 16 Leases was published on 13 January 2016, the most important element of which is the abolition, at least so far as the lessee is concerned, of the distinction between operating and finance leases. The new rules comes into force for accounting periods effective 1 January 2019.

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