Tax and the City: May 2011 update

Oil and gas companies threaten to scale down UK investment in a row over the supplementary charge hike. Tower MCashback is an emphatic victory for HMRC, but no redefining of the Ramsay principle. The disguised remuneration code continues to be a dog’s dinner. Details emerge of the new UK-Swiss tax deal designed to protect bank secrecy while at the same time mollifying the UK Exchequer. US withholding and reporting obligations in respect of dividend equivalent payments are giving rise to a number of concerns. The EC Commission announces a new tax on CO2 emissions. The ECJ hears a case on the VAT treatment of distressed debt sales.