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Two weeks to 6 March 2020

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

Budget & Finance Bill 2020
The new Conservative government will deliver its first Budget on 11 March. Find out what our experts predict for #Budget 2020 here.  Bookmark the page so you’re ready to follow our live reactions on the day, and further detail will be posted to our Budget 2020 hub on TheSuite. The Finance Bill (and accompanying explanatory notes) will be published on 19 March and available on 

Finance Company Partial Exemption - our experts discuss
Following on from the guidance they issued towards the end of last year HMRC has now commenced various actions to effect recovery of the alleged state aid in the FCPE case. In this video, Mark Whitehouse from our legal team, Andrew Casley who leads our Transfer Pricing network and Jonathan Hare who leads our state aid specialism discuss with Juliet Trent the implications of this for impacted companies.

CA allows forex loss arising on change of local currency - HMRC v Smith & Nephew
The Court of Appeal has held that a forex loss arising on sterling receivables following a change from a sterling to US dollar “local” currency (under old UK GAAP - SAAP 20) is an allowable loss, which can reduce the taxpayers’ corporation tax liability.  This is the third time HMRC has been defeated in this case, which it considered to be about tax avoidance. View the judgment here.