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Clifford Chance

Clifford Chance


Good news for banks in the Budget: providing certainty on the tax treatment of regulatory capital

29 October 2018

In his October 2018 Budget speech, the UK Chancellor announced the replacement of UK Regulations governing regulatory capital instruments with new tax rules for all hybrid capital instruments.

In this briefing we examine the background, State Aid and MREL/TLAC aspects of Bank Regulatory Capital, and provide commentary on the solution announced today.

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