The UK investment management industry is an important part of the UK financial services sector and whilst the Conservative-Liberal Democrat coalition’s stated aim is "to create the most competitive tax system in the G20", many investment managers are unclear as to how that vision applies in a post-BEPS world.
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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