Deutsche to appeal ACT case
Investment bank to take Revenue battle to House of Lords
Deutsche Bank is to appeal a Court of Appeal ruling that denied it the chance
to reclaim hundreds of millions of pounds-worth of tax.
The Times reports today that Deutsche is to take the case to the Lords. It
had been assumed that the action was potentially worth hundreds of millions to
the UK revenue, though other tax experts suggest the number is ‘unquantifiable’.
The case concerns the payment of advanced corporation tax (ACT), phased out
in 1999, through which Deutsche paid tax on dividends received. It is claiming
the tax back, after ECJ rulings suggested the charges may be illegal.