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Fortnight to 14 June 2018

Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.

Draft legislation for Finance (No.3) Bill
The next Finance Bill (which will be known as Finance (No 3) Bill) will be introduced following the Autumn Budget towards the end of this year.  Earlier this week the government announced that it will publish draft clauses for Finance (No.3) Bill on Friday 6 July 2018, together with its responses to consultations and other supporting documentation. See this Written Ministerial Statement.

PwC UK AWM Tax Conference: BEPS the direction of travel
PwC’s annual tax conference, held in London in May, considered how asset managers are affected by the OECD’s initiative to tackle tax avoidance, Base Erosion Profit Shifting, and similar regional and local tax initiatives being adopted.

2018 Uzbekistan-UK Protocol to the 1993 Double Taxation Convention - in force
An amending protocol was signed on 24 January 2018. It entered into force on 1 June 2018.