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Two weeks to 7 August 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
As the international response continues, visit our global crisis centre webpage and our COVID-19 hub on TheSuite continue to keep up to date 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.

Research & Development (R&D) credit claims - new consultation a sign of government’s increased commitment to the R&D regime
Many businesses undertaking R&D activities incur considerable costs which are not currently eligible for R&D credits. HM Treasury has recently launched its first consultation in 10 years on eligible R&D costs, recognising that R&D trends and the types of R&D costs being incurred, are evolving. Read more.

Stamp Duty Land Tax - 2% non-UK resident surcharge legislation published
Following confirmation from the government in the Spring Budget that it would go ahead with a 2% SDLT surcharge on non-UK residents purchasing residential property in England and Northern Ireland from 1 April 2021, the draft legislation in respect of the surcharge has now been published. Read more.