On 1 September 2016, UK HM Treasury published explanatory notes for amendments to the Finance Bill 2016 concerning changes to the patent box, the capital gains tax reduction, and the anti-avoidance legislation for hybrids and other mismatches. The main amendments are summarized as follows.
Amendments 1-131 and 154-160 to Clause 65: Hybrid and other mismatches
The hybrid and other mismatches amendments are intended to clarify the scope and application of this anti-avoidance legislation, an…