EC to examine BT tax breaks

EC to examine BT tax breaks

Brussels has confirmed it will investigate a complaint that BT has been receiving illegal tax breaks from the UK government.

Link: £300m tax saving for BT

If the complaint – made by network provider Vtesse – is upheld by the European Commission, then BT could face a fine amounting to billions of pounds.

Vtesse said BT has paid £1bn less a year in business rates than other companies after agreeing a special deal with the Inland Revenue.

The agreement was made in the late 1990s, said Vtesse, when the dotcom boom was still in full swing.

It claims that BT is making savings of £1bn each year.

BT has denied the claims saying the agreement was ‘above board’.

And they claimed they pay £300m every year, ‘which probably makes us the biggest rates payer in the UK’.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource