M&S given huge boost in £30m tax case
Advocate General indicates retailer will win landmark tax case.
Advocate General indicates retailer will win landmark tax case.
Marks & Spencer should be allowed to claim relief for losses sustained in other EU countries, an ECJ advocate general opinion has claimed.
Link: Revenue at the European Court of Justice
If the opinion is followed by the full court it could cost the UK government billions of pounds in lost revenue. Luis Maduro ruled that the UK’s system of group relief was ‘incompatible with community law.’
The decision will now be considered by the court, which follows the advocate general’s advice in the vast majority of cases.
M&S is claiming £30m in overpaid tax as a result of what it regards as discriminatory aspects of the UK tax system.
Under the UK tax system, companies can claim relief against corporation tax for losses sustained by UK subisdiaries, but not other subsidiaries within the EU.
‘We are encouraged by the advocate general’s opinion and we await the ECJ decision later this year,’ said an M&S spokeswoman.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article