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Welcome to October’s edition of Keeping up with Tax Banking and Capital Markets, picking up on a range of current hot topics relevant to our industry. We have gathered input from a number of specialists across our Banking & Capital Markets tax team in putting this together and we hope you find it interesting and useful.

In this edition, we have six articles covering the following areas:   

  • A discussion on the suggested SDRT reforms by the Labour Party and the impact this will have on the Financial Services Sector should they come to fruition.
  • A summary of how the Financial Services exemption for the Digital Services Tax works and how it could potentially impact businesses when it is in force.
  •  An update from our August seminar hosted by the PwC Financial Services Tax Accounting Services team which focused on themes in the interim reporting season and other developments including ESMA’s recent guidance on deferred tax recognition, and IFRS 16 and IFRIC 23.
  • Guidelines on how to submit R&D claims efficiently given the slow-processing of some claims by HMRC.
  • A summary of the Government’s response to the off-payroll working rules consultation and the associated draft Finance Bill clauses, and the changes coming into force from April 2020.
  • A discussion of the potential tax and other implications of the proposed new interbank reference rates being proposed as a replacement for LIBOR.

I hope you enjoy the articles. Please get in touch with Anne-Marie Stomeo, Kirsty McKay or your regular PwC contacts if there is anything that you would like to discuss further. Please let us know if there are any topics that you would like us to cover in upcoming editions. We are also keen to hear your feedback on this newsletter so would welcome any thoughts or comments.