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    Reg/Keith, the government and HMRC are trying to end abuse of the quoted eurobond exemption without making it impossible for British businesses to raise money via eurobonds. With your obviously far-reaching and in-depth knowledge of the taxation issues surrounding genuine eurobond financings, perhaps you could explain how it should be done, in words we can all understand? Hint: start with s882 of the Income Tax Act, 2007.

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