TaxCorporate TaxMars has sweet victory in Lords after tax battle

Mars has sweet victory in Lords after tax battle

Confectioner and whisky distiller win joint battle over the depreciation of stocks

Mars, the confectioner, and whisky distillers William Grant & Sons
have won their battle against the taxman over the tax impact of the depreciation
of their stocks.

The
House
of Lords
issued a unanimous judgment this morning in their favour.

The case concerns the depreciation of stock and problems resulting from a
Revenue ruling that such depreciation should be stripped out for tax purposes
every year rather than when the stock was sold.

Since whisky distillers often keep stocks for long periods, the move would
have cost the industry £30m, according to some estimates.

Simon Airey of DLA Piper
Rudnick described the Lords judgment as a ‘notable victory for the taxpayer’.

Further reading

Read
the judgment

Distillers
fight government on two fronts

Whisky
industry must swallow £30m tax hit

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson