George Osborne, UK chancellor of the exchequer, surprised businesses today in the first Conservative Budget in the UK for two decades by cutting the corporate tax rate, though not for two years. He also announced expected measures against tax evasion and aggressive avoidance, but made himself unpopular with the funds industry by closing loopholes that helped managers avoid full capital gains tax on carried interest, or their share of a fund’s profits.
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Richard Gregg is no longer fit and proper to be a tax agent, said the TPB; in other news, MHA completed its acquisition of Baker Tilly South-East Europe
Recent Indian case law emphasises the importance of economic substance over mere legal form in evaluating tax implications, say authors from Khaitan & Co
As we move into an era of ‘substance over form’, determining the fundamental nature of a particular instrument is key when evaluating the tax implications of selling hybrid securities