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In preparing the introduction for the Guide last year, Steve Edge said that tectonic plates were on the move in global tax – this year it could be said that we are in the middle of a political and fiscal earthquake.
This is not the place for any commentary on the political situation on both sides of the Atlantic (and elsewhere of course) – but the political background is obviously influencing tax developments as countries compete with each other not only for revenue and investments but also in terms of responding to public sentiment about corporate tax. Business and corporate restructurings to address issues raised by the changing tax world abound. Many people will thus find this publication useful in addressing what the impact of any restructuring may be, looking at how cash flows through a group may be affected and generally trying to assess the impact of changes that are being forced upon them by circumstances.
This introduction was first published in the Chambers Global Practice Guide, Corporate Tax 2019.