BRITISH DRUG MANUFACTURER SHIRE has confirmed it received a C$266m (£146m) tax rebate from the Canadian tax authority, with a further C$174m yet to come.
Subject of a takeover bid from Canadian rival AbbVie, the windfall bolstered Shire’s position as it prepares to woo shareholders over the bid.
Shares in the FTSE100 company rose with the news, but started today down 17p at 4,553p per share, Accountancy Age‘s share price centre shows.
The company said on its website: “Shire intends to use the cash receipts to repay debt, providing Shire with increased capacity to invest in focussed business development activities.”
CIoT has warned that businesses undertaking some commercial transactions will face unnecessary uncertainty because of a lack of clarity about the breadth of a new anti-avoidance tax rule
Former PwC employees Antoine Deltour and Raphael Halet have been found guilty for their role in the Luxleaks scandal
Environment charity Friends of the Earth has lost its £1m VAT appeal against HMRC
Top Ten firm Smith & Williamson have appointed Russel Cook as a director of its corporate finance team