Treasury in secret tax talks with business
The Treasury is said to be in secret talks with multinationals to discuss major potential changes to the UK tax system.
Inland Revenue called the meetings ahead of a claim in the European Courts of Justice by retailer Marks & Spencer to offset losses in Europe against its tax expenses, reports The Times.
Revenue is concerned that if the court rules in favour of M&S, other multinationals could follow suit and claims may run into millions of pounds.
Treasury staff have met with companies to negotiate solutions should M&S be successful in its claim.