The settlement includes the disputed tax liability when it sold mobile phone operator, One2One (now T-mobile), to Deutsche Telecom in 1999. Under the terms of the deal, C&W was forced to pick up the bill for future tax liabilities.
But the City was outraged late last year when it learned the telecoms operator had agreed to ring fence £1.5bn of its cash pile against any tax liabilities. The bargain £380m settlement revived C&W’s liquidity situation, settling most analyst concerns. Following the news, C&W shares instantly surged from 13.25p to 73.25p.
Many predict the company will embark on another restructuring of its global business as soon as a replacement is found for chief executive GrahamWallace, who resigned in January. A spokesman for C&W declined to comment on the timing of such an appointment.
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Since the release of HMRC’s plans for digital tax reforms, many have agreed with the call for a delay