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The Quoted Companies Alliance Tax Committee examined the HMRC consultation on the potential debt cap changes for the Finance Bill 2012. We advised that we understood the Government's intentions to introduce the Debt Cap rules and would not disagree with principle of of restricting UK tax deductions in respect of interest to a level of commensurate with external borrowing. However, we find the legislation to be lengthy and complex and HMRC should simplify the process and remove some of the burden on the small and mid-cap quoted companies.

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