According to experts, the Treasury stood to lose anything from £250m to £1bn if the judgement went against the Revenue, but the High Court barred the claims, the Financial Times reported.
The multinationals claimed the now defunct advanced corporation tax was levied unfairly against them and the claims were put forward on the back of a number of similar actions made by companies based in the EU, with operations in the UK.
But in this case, as the companies were based outside the EU, different legal arguments were made. The judge then ruled that the international agreements upon which the claims were based, had not been incorporated into domestic law, which requires an act of parliament to do so, and barring the companies from reclaiming the taxes.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states