Tax and the City briefing for April 2016

The Business tax roadmap summarises progress and future tax plans for the UK banking sector. Other measures announced in the Budget include changes to the meaning of ‘bank’ for various tax rules, changes to the securitisation regulations, and new rules for insurance linked securities. Consultations were also announced on the tax rules for plant and machinery leases, and on the treaty passport scheme. In the courts, HMRC successfully defeats a scheme to generate loan relationship debits for capitalising a subsidiary, and the Supreme Court looks at Ramsay in the context of bonuses for bankers paid as shares.