17th February 2015

Joint response to HMRC & HMT on tackling aggressive tax planning

AFME and the BBA welcome the opportunity to respond to the consultation paper published by HMRC and HMT on 3 December 2014 entitled “Tackling aggressive tax planning: implementing the agreed G20-OECD approach for addressing hybrid mismatch arrangements”.

It has been difficult to consider all aspects of the consultation in as much detail as we would have liked in the time available and we are therefore providing comments on the most important issues of concern to us. Following the end of the formal consultation period, we hope to be able to continue discussions with you regarding HMRC’s approach to hybrid regulatory capital and to stock loan and repo transactions. We look forward to working with you as these proposals are developed further.