Clifford Chance
Basel III – Taxation – Level Playing Field in Europe?
13 May 2011
This briefing outlines key tax issues in a number of European jurisdictions which may arise for a bank issuing Basel III compliant Additional Tier 1 Capital instruments.
The Basel III proposals do not prescribe a particular legal form for the instruments. However, this note proceeds on the basis that the instruments would take the form of bonds (rather than, say, preference shares) and that such bonds would be listed on a recognised stock exchange.
