Tax news highlights: November 2021

In this podcast, Zoe Andrews and Tanja Velling provide an update on the OECD/G20 Inclusive Framework’s two-pillar solution to address the tax challenges arising from the digitalisation of the economy, highlighting potential stumbling blocks on the road to implementation and the joint statement from Austria, France, Italy, Spain, the UK and the US on the transition away from digital services taxes published on 21 October 2021. They discuss the Health and Social Care Levy Act 2021 and a selection of measures included in Finance Bill 2022, including the decrease in the banking surcharge, revised draft legislation for the large business notification of uncertain tax treatment and changes to the diverted profits tax regime. The podcast also notes the designation of the first freeport tax sites, mentions planned changes to tax reliefs for R&D and the proposed introduction of a corporate re-domiciliation regime, and it discusses the First-tier Tribunal decision in Europcar concerning the taxpayer’s application to instruct a joint expert in a cross-border group relief case which was opposed by HMRC.