Tax News Highlights - March 2021

In this podcast, Zoe Andrews and Tanja Velling discuss highlights from the UK Budget, including the planned increase of the headline corporation tax rate, the proposed review of tax administration practices, and the introduction of a more generous loss carry-back and enhanced capital allowances.

The podcast provides an update on certain OECD and EU developments, including on the International Compliance Assurance Programme and public country-by-country reporting. It discusses European Commission consultations on business taxation for the 21st century, on safeguarding the rights of taxpayers engaged in cross-border activities and on improvements to the gathering and exchange of information on crypto-assets and e-money.

Finally, Zoe and Tanja consider four recent cases, the First-Tier Tribunal decisions in HFFX and Odey Asset Management on the tax treatment of funds reallocated from the corporate member of a partnership to the individual members, and Imprimatur Capital Holdings on input VAT recovery, and the Court of Appeal decision in Eastern Power Networks, addressing the extent to which the First-tier Tribunal should use its discretion to decide substantive tax points in a procedural application.