Market leading insight for tax experts
View online issue

Tax and the City briefing for July 2015

Speed read

The Summer Budget should mean that UK-parented banks operating internationally will now have the longer term incentive of reducing bank levy rates, and no bank levy at all on non-UK balance sheets from 2021. For a foreign bank with a UK branch, the reduction in the bank levy will be the main attraction. Other Budget changes include bank levy relief from double taxation; a denial of deductions for misselling compensation; and compulsory notifications to customers with offshore accounts. A new code of practice for large businesses is proposed, together with increased penalties for serial tax avoiders. The tribunal considers whether the accounts ‘fairly represent’ a repo under the loan relationship rules. There are also some interesting developments on double tax treaty arbitration at the G7 summit.

If you or your firm subscribes to, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.