Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
This analysis is part of the Lexis®PSL Tax team’s summary of the Autumn Budget 2017. Some of the links require a LexisPSL subscription. If you are not a subscriber, you can take a free trial here.
UK implementation of the BEPS Multilateral Instrument
FB 2018 will amend TIOPA 2010, s 2 (which gives effectto double tax treaties in UK law) with the intention of making it wide enough to encompass the UK’s implementation of the BEPS Multilateral Instrument (MLI). The MLI is an instrument developed as part of the OECD’s BEPS project to enable countries to implement the BEPS measures that require changes to double tax treaties, without having to renegotiate each treaty individually. The UK is a signatory to the MLI but the MLI will not take effecthere unless the UK ratifies it under its own legislative procedures.
It is still unclear how, precisely, the UK will implement the MLI under domestic law (given that the MLI amends treaties that take effectin UK law under multiple statutory instruments). One possibility is a ‘super’ statutory instrument to amend all the others, but it is not obvious that TIOPA 2010 currently provides the necessary authority to do this. TIOPA 2010, ss 2 and 6 gives effectto arrangements (which normally means double tax treaties) that provide relief from certain specific taxes. The MLI does not fall comfortably within this description, particularly the MLI provisions dealing with dispute resolution.
The changes to TIOPA 2010, s 2 (and equivalent inheritance tax provisions) announced at Autumn Budget 2017 are intended to widen this provision so that it does provide the necessary authority to implement the MLI. The amendments will provide that the section extends to giving effectto arrangements that operate primarily to restrict relief provided for in existing arrangements and delegate specific functions to competent authorities.
The legislation will take effectfrom Royal Assent to FB 2018, which under
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
0330 161 1234