The European Court of Justice (ECJ) has followed its decisions in previous exit tax cases such as National Grid Indus by declaring Denmark’s rules against EU law, but has added that member states are permitted to define additional taxable events to charge taxpayers whose assets may never be realised.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap