Consultation outcome

Consultation on the taxation impacts arising from the withdrawal of LIBOR

• From: HM Revenue & Customs
• Published: 19 March 2020
• Last updated: 12 November 2020 — See all updates

This consultation has concluded

Read the full outcome

Taxation impacts arising from the withdrawal of LIBOR: summary of responses

PDF, 243 KB, 13 pages

Detail of outcome

This document summarises responses to the consultation on the tax impacts arising from the withdrawal of LIBOR.

It also provides a summary of the statutory amendments the government intends to make to ensure the tax rules continue to work as intended.

You can also read the draft legislation, an explanatory note and a tax information and impact note (TIIN), and draft guidance on the taxation impacts arising from the withdrawal of LIBOR and other benchmark rate reform.

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Original consultation

Summary

We welcome views on the tax issues arising from the reform of LIBOR (London Inter-bank Offered Rate) and other benchmark rates.

This consultation ran from
8am on 19 March 2020 to 11:45pm on 28 August 2020

Consultation description

This consultation was published on 19 March and was due to close on 28 May. We are grateful for the responses we have already received. The government recognises that many sectors with an interest in this policy are affected by COVID-19. We want to give all stakeholders time to submit their views, so we have extended the consultation. The closing date is now 28 August (11.45pm). However, we encourage early responses from stakeholders, where possible, to support our ongoing consideration of this policy.

The publication of LIBOR is expected to cease after the end of 2021 and parties to financial instruments will need to transition to alternative reference rates.

HMRC has identified several statutory references to LIBOR that need amending as a result of this withdrawal and is seeking views on how this should be done.

In addition, the consultation aims to ensure HMRC fully understands the significant tax impacts that could arise from the reform of LIBOR and other benchmark rates.

Documents

Taxation impacts arising from the withdrawal of LIBOR - consultation document

PDF, 195 KB, 19 pages

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Published 19 March 2020
Last updated 12 November 2020 + show all updates

1. 12 November 2020

   Published summary of responses and the outcome summary, which includes a link to draft legislation, an explanatory note and a tax information and impact note (TIIN).

2. 28 April 2020

   The closing date for responses to the consultation has been extended until 28 August 2020 (11.45pm).

3. 19 March 2020

   First published.