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Four weeks to 4 September 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 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:

Hybrids Guidance Refresh
The Hybrid and Other Mismatches guidance has been refreshed and can be accessed here.  HMRC’s Mary Edgar, Hybrid Mismatches Product Lead, has advised that the main change is an updated section on the interaction with Part 4 TIOPA 2010 (TP), ATAD2 implementation and a refresh of example INTM557210.

Consultation responses
A number of tax policy consultations took place over the summer and others continue into the autumn.  The Chartered Institute of Taxation (CIOT) has submitted a number of responses so far that are of particular relevance to international and treasury tax: