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Britain’s Taxman Wants to Make Money From MiFID

  • HMRC is consulting with industry on potential tax consequences
  • Guidance on VAT from British tax authority is expected soon
Updated on

Banks and money managers are waiting to hear if one of life’s certainties -- taxes -- will apply to investment research payments under MiFID II.

As the clock ticks down to the Jan. 3 start of the European Union’s revised Markets in Financial Instruments Directive, the British taxman has been meeting with industry groups to discuss tax issues related to the law, a spokesperson said. Lawyers said they expect Her Majesty’s Revenue and Customs to publish guidance on applying value added tax to research payments soon.