Tax news highlights: May 2022

In this podcast, Zoe Andrews and Tanja Velling discuss the First-Tier Tribunal decisions in Sally Judges on the question whether legislative amendments and related materials can influence the interpretation of the provisions in their form before the amendment took effect, in Alexander Beard on the nature of dividends paid out of share premium, in JTI where interest deductions for the intra-group funding of a third party acquisition were denied under the loan relationships unallowable purpose rule and in Hexagon Properties which considers whether a payment of damages effected through a loan waiver is taxable under the loan relationships regime. They also cover the Supreme Court decision in NCL that the taxpayers were entitled to a deduction as a trading expense in respect of their accounting debits recognised on the grant of share options to their respective employees by an employee benefit trust. The podcast further covers the summary of responses published by the UK government in respect of their consultation on the introduction of a UK re-domiciliation regime and the European Commission’s ongoing consultation on a “new EU system to avoid double taxation” including the potential harmonization of withholding tax refunds.