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Welcome to our first edition of Keeping Up with Tax in 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. This is the first of a regular newsletter aimed at providing up to date information and insights to the tax community in the Banking and Capital Markets industry.  In this edition, we have six articles covering the following areas:   

  • The changing landscape of FinTech and Banking & Capital Markets, and the tax consequences of such ‘disruption’ and innovation.
  • A summary of the new Hybrid Capital Instrument Rules tax rules introduced by Finance Act 2019 with effect from 1 January 2019.
  • The new global standards released by the OECD Inclusive Framework that apply to ‘no or only nominal tax’ jurisdictions and that require ‘substantial activities’ in order for the tax regime of those jurisdictions not to be considered a ‘harmful tax practice.’  
  • An update from our seminar hosted by the PwC Financial Services Tax Accounting Services team which focused on tax reporting and disclosure trends in the 2018 year end reporting season for FTSE 100 and FS businesses. 
  • An overview of HMRC’s new enhanced Business Risk Reviews. 
  • The highlights from our Financial Services Transfer Pricing client seminar which was held in June. 

I hope you enjoy the articles. Please get in touch with me or your regular PwC contacts if there is anything that you would like to discuss further.  We are also keen to hear your feedback on this newsletter so please do let us know what you think or if there are any topics that you would like to hear more about in subsequent editions.