IN BRIEF

Views on recent developments in tax.

Philip Swinburn

If the CEST tool is completed and a contrary view is taken, HMRC must be notified.

Adam Parry

Tom McFarlane

There is a potential additional hurdle to clear if interest on intra-group debt is to be tax deductible in the UK.

David Whiscombe

Too quick off the mark.

Lucy Urwin

Is full implementation of the Pillar Two rules by the US now looking less likely?

The Upper Tribunal confirms that daily penalties for failure to make ATED returns can be charged retrospectively.

Which trusts are now required to register, what are the deadlines and what are they required to disclose?

Johan Barros

Despite yet another setback in the adoption of the EU pillar two directive, there is no rest in the horizon for EU’s tax policies. As the Commission and the Council reflect on ways forward on minimum taxation, there is much more to look forward to: renewed prospect of a EU digital tax initiative, possible initiative to circumvent Council’s unanimity rule on tax policies, a proposal to tackle tax enablers, exchanging information on crypto-assets, and adapting VAT rules for the digital age.

The fallout from failed tax saving arrangements using employee benefit trusts (EBTs) continues. In Hunt v Richard Balfour-Lynn (and others) [2022] EWHC 784 (Ch), directors who in reliance on tax advice from a firm of accountants, arranged for a company to use an EBT, were found not in breach of duty. The decision whilst of comfort to directors, increases the likelihood of recovery actions following failed tax saving schemes shifting back on the accountancy firm tax advisers.