HMRC update guidance on tax implications of LIBOR withdrawal

Released 12 January 2021

HMRC have updated their guidance on the tax impacts from the withdrawal of LIBOR and other benchmark rate reform.

London Inter-bank Offered Rate (LIBOR) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale unsecured funds. Publication of LIBOR in its current form is expected to stop after 2021 and parties to financial instruments will need to transition to using alternative reference rates.

View the guidance.

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