On 6 December, the Council of the EU adopted a directive granting tax authorities access to information held by authorities responsible for the prevention of money laundering, including the requirement for member states to provide access to information on the beneficial ownership of companies.The
Christina HJI Panayi (Queen Mary University of London) identifies the main EU tax developments in 2016, including the anti-tax avoidance package, decisions in state aid cases, the reform of corporate tax and the relaunch of the common consolidated corporate tax base.
Mark Middleditch (Allen & Overy) examines the themes that have dominated 2016 for the City, including the anti-hybrid rules brought on by the UK’s enthusiasm for BEPS, and looks at 2016’s case law, which shows that HMRC continues its run of success in defeating tax avoidance schemes.
Vinny McCullagh (Grant Thornton) reviews Heating Plumbing Supplies Ltd where the court decided that a VAT group’s activities must be taken as a whole.
Peter Dylewski and Philippe Gamito (KPMG) considers the implications of the AG ruling in Commission v Luxembourg and the future availability of the cost sharing group exemption in the UK and other member states.
If Philip Hammond wants to introduce bold tax reforms, he will do so against the backdrop of a sharp rise in government debt, writes David Smith.