Essentials - April 2006

This edition of our Essentials newsletter covers the latest accounting, tax and legal matters, plus a calendar for finance directors that features key upcoming dates and deadlines.

Accounting

• UTIF Abstract 42 – 'Reassessment of embedded derivatives'
• UTIF Abstract 41 'scope of FRS 20'
• Reminder of new fair value disclosure requirements for derivatives in the Companies Act 1985

Direct Tax

• Tax questionnaire to chairmen of large corporates: HMRC publishes summary of responses
• Marks & Spencer: High Court endorses HMRC's narrower interpretation
• HMRC's Indofood decision

Indirect Tax

• Legal certainty - time limits and the taxpayer
• Running promotion schemes

Employer and shareholder

• Changes to employment related securities legislation
• Pensions
• Enterprise Management schemes
• Changes to capital gains 'bed and breakfast' rules

Legal

• Brand owner succeed in action against domain name and registrant