Policy paper

The tax impact of the withdrawal of LIBOR and other benchmark rates

This measure introduces changes to the leasing provisions, as a result of the withdrawal of LIBOR (London Inter-bank Offered Rate).

Documents

Draft legislation

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Explanatory note

Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email different.format@hmrc.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Details

The changes introduced by this measure make sure that the leasing provisions continue to function as intended once LIBOR is discontinued.

The measure also introduces a power to allow any unintended tax consequences arising from the transition away from LIBOR and other benchmark rates by businesses and individuals to be addressed in secondary legislation.

Read the The taxation impacts arising from the withdrawal of LIBOR consultation and summary of responses.

Read Draft guidance on the taxation impacts arising from the withdrawal of LIBOR and other benchmark rate reform.

Updates to this page

Published 12 November 2020

Sign up for emails or print this page