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Two weeks to 11 December 2020

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

Responding to the business impacts of COVID-19
Visit our global crisis centre webpage and our COVID-19 hub on TheSuite to continue to keep up to date with developments on this topic.  Of particular relevance to multinational companies operating in the UK, navigate the global tax, legal and economic measures in response to COVID-19 by territory here. In relation to the UK:

With the end of the transition period just over a couple of weeks away, make sure your business is ready for the expected changes.

Time running out for claims under the EU Arbitration Convention and EU Dispute Resolution Directive
We’ve previously highlighted the uncertainty surrounding the impact of the UK’s departure from the EU on access to EU-specific mechanisms for relieving double taxation arising in relation to transfer pricing adjustments.  As this article explains, HMRC has now confirmed that those options will cease to be available unless a request has been submitted before 31 December 2020.