MEP support for a Tobin tax attracts attention but nothing is imminent. A restriction on the use of bank losses is no longer being considered. Some welcome improvements to the proposed new rules on disguised remuneration have been announced but concerns remain. Deutsche Bank Group Services represents a worrying development in relation to the Ramsay doctrine/purposive construction. New leasing anti-avoidance rules have been announced. The offshore funds rules have been amended following lobbying by the private equity industry. There will probably be fewer surprises in the Budget this time round.
