Financial Services thought leadership and articles
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Legislation day 2022
On Wednesday 20 July 2022, the government released draft legislation for the Finance Bill for 2022 and the results of consultations. We were expecting more draft legislation but there are some HMRC recommendations that cannot currently be signed off by ministers until we have a more stable government.
Financial Services – OECD Pillar 2 (GloBE) Update
On 14 March 2022 the Organisation for Economic Co-operation and Development (OECD) published a comprehensive commentary and illustrative examples of what the implementation of the Global Anti-Base Erosion Model (GloBE) Rules could look like.
OECD Pillar 2 (GloBE) rules
In December 2021 the OECD issued their model rules setting out how the global 15% minimum tax rules could look. Countries adopting the rules are likely to follow these rules in their local legislation with a target for the first stage of legislation in 2022 and implantation from 2023.