Jeanette Zaman writes that the draft provisions published in December are unlikely to be seen as going far enough to ensure compliance with EU law.
The government published a technical consultation paper on 11 December 2012 on Deferring the payment of corporate ‘exit charges’ (‘the consultation’). The proposals extend to all of the UK’s corporate exit charges namely chargeable gains loan relationships derivative contracts and intangible fixed assets. The consultation is stated to be in response to recent European jurisprudence in particular the decision of the CJEU in National Grid Indus BV v Inspecteur van de Belastingdienst/kantoor Rotterdam (Case C-371/10) (‘NGI’).
The need to ensure that UK legislation complies with EU law was a notable theme amongst the materials published alongside the draft clauses...
