Tax News Highlights - February 2021

In this podcast, Zoe Andrews and Tanja Velling consider the evaluation of HMRC’s implementation of powers, obligations and safeguards introduced since 2012 which was published on 4 February 2021, the review of the UK’s funds regime including the consultation on the tax treatment of asset holding companies in alternative fund structures and the OECD’s updated guidance on tax treaties and the impact of the COVID-19 pandemic. Zoe and Tanja also discuss certain VAT developments, including the First-tier Tribunal decision in Wilmslow, the European Commission’s public consultation on VAT and financial services, and HMRC’s updated guidance on the payment of VAT that was deferred between March and June 2020. They finally touch on the European Commission’s grounds for appealing the General Court’s decision in the Apple state aid case, rumours of measures that may be included in the UK’s March Budget and potential US tax measures.