Tax and the City briefing for July 2013

Two years on, HMRC reflects on the bank levy and consults on possible improvements, days after a government-tabled amendment to FB 2013 to ensure that only assets actually taken into account for liquidity buffer purposes may be deducted from the tax base. The European Parliament approves the FTT directive, adding more than its two cents’ worth in the process. P&O faces some harsh criticism from the First-tier Tribunal over its foreign tax credit planning. Scotts Atlantic and Michael Phair increase the tally of taxpayer losses.