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Herbert Smith Freehills LLP | United Kingdom | 1 Mar 2012

HMRC clampdown on tax avoidance: banks in the firing line

Following a disclosure by a bank (now confirmed as Barclays) HMRC, on 27 February 2012, published proposed new legislation aimed at closing loopholes in the rules in the loan relationship legislation dealing with the buy-back of impaired debt by connected companies (also known as the "deemed release" rules).

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