Tax and the City: February 2012 briefing

Responses to the consultation on the new CFC regime have led to the introduction of yet more complex exemptions, although the prospect of some simpler safe harbours for banking and insurance businesses offers a glimmer of hope. The Indian Supreme Court declines to pierce the corporate veil in the long-running Vodafone case. The IRS begins to realise the administrative implications of FATCA. Structural responses to fiscal incentives sometimes need to be respected: Lloyds TSB Equipment Leasing.