The FTT finds in favour of the taxpayer in Hastings Insurance that the supply of services was not made to a UK fixed establishment but was made outside the EU with the result that input VAT is recoverable. The impact of US tax reform, particularly the decrease in value of US tax losses and the base erosion minimum tax, is felt by financial services. The government seeks views on a number of areas of the corporate intangible fixed assets regime which are under consideration for improvement. A new statement of practice on MAP is published reflecting the commitments made by the UK as part of BEPS.
