Banks bear the brunt of the revenue raising measures writes Helen Lethaby
Tenterhooks it is for another week: the Autumn Statement made passing reference to the new ‘diverted profits tax’ (aka the ‘Google tax’) to be levied at 25% on profits artificially diverted overseas from the UK by multinationals but it looks like we will have to wait for the Finance Bill for the details. There was a little bit more on some related initiatives including increased transparency on global tax bills through country by country (CBC) reporting and the tackling of hybrid mismatch arrangements. A new consultation on hybrids outlines measures designed to implement the G20/OECD recommendations. This includes the ‘primary response/defensive rule’ concept: in the classic case that an item is deductible in country...
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