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Tax and the City briefing for November 2016

Speed read

HMRC publishes further guidance on the new criminal offence of failing to prevent the facilitation of tax evasion, with those affected facing unlimited financial penalties if reasonable prevention procedures are not put into place. The High Court decides that statutory interest paid in insolvency is not yearly interest, so there is no obligation to deduct tax at source. HMRC extends the interim securitisation company regime until 2037. The EU Commission tries again with the common (consolidated) corporate tax base. HMRC updates its guidance on DOTAS to include the new financial products hallmark.

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