Tax weekly highlights—5 November 2020

Table of contents

• Coronavirus (COVID-19)
• Chancellor extends furlough and enhances SEISS
• HMRC extends time limit for notifying an option to tax land and buildings
• Council of the EU publishes proposal to extend temporary VAT measures to coronavirus vaccines and testing kits
• Law Society calls for urgent action ahead of SDLT holiday deadline
• HMRC updates VAT Notice on health professionals and pharmaceutical products
• Companies and corporation tax
• FTT considers tax treatment of intra-group loan notes (Blackrock Holdco 5 LLC v HMRC)
• HMRC publishes response to consultation on Bank Levy rules on deductions for certain loss absorbing instruments
• HMRC updates guidance on corporation tax returns for non-resident companies selling property

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Article summary

This week’s edition of Tax highlights includes: (1) the extension and alterations to the government’s coronavirus (COVID-19) schemes due to the national lockdown, (2) the FTT’s decision in Blackrock Holdco 5 LLC regarding the tax treatment of an intra-group loan and (3) the release of regulations on Bank Levy deductions for certain loss absorbing instruments.