Tax and the City review for April 2021

Financial institutions should prepare themselves for compliance with financial institution notices which HMRC can issue, without prior tribunal approval, from royal assent of FA 2021. Tax Day announcements reveal the measures that are not going ahead and those for which the consultation process is starting or continuing. The consultation on the reform of the taxation of securitisation companies explores improvements to ensure the UK’s tax code keeps pace with the evolving nature of capital markets and contributes to the UK’s position as a leading financial services centre. The second consultation on notification of uncertain tax treatment by large business takes on board many of the concerns of the initial consultation but the requirement remains an unwelcome additional administrative burden.