Several important technical issues in need of legislative
amendment are highlighted in a recent letter to the Department of Finance by
the CCAB-I. The matters requiring
legislative amendment in Finance Act 2020 relate to stock lending and
repurchase arrangements, the migration of Crest to Euroclear Bank, clarity on
the availability of the stamp duty exemption for aircraft leasing share
transactions and the need to defer the introduction of interest limitation
rules on foot of COVID-19 economic disruption.
A
number of these issues have been discussed at TALC by CCAB-I representatives
and the outcome is that a legislative amendment is necessary to bring about the
requisite clarity. The
CCAB-I’s letter to the Department of Finance gives more information
on each of the matters highlighted.