Tax and the City briefing for September 2015

A consultation paper proposes options for change on withholding tax on yearly interest. Draft amendments to bring insurers’ tier 1 instruments within the regulatory capital regulations are published by HMRC. There is yet another draft of the new financial products hallmark for DOTAS, although the substantive changes are hard to spot. New proposals to sanction tax avoidance include a novel regime for serial avoiders, penalties for the GAAR, and a new threshold for treatment as a high risk promoter.