Vodafone has lost its fight to appeal against a court ruling that it is
liable for £2.2bn in tax.
The Supreme Court said Vodafone’s application to appeal “did not raise an
arguable point of law of general public importance”. This follows a Court of
Appeal ruling earlier this year that overturned an initial ruling that the
mobile giant would not have to pay corporation tax on a holding company owned in
Vodafone had argued that its subsidiary, set up following the acquisition of
Mannesman in 2000, should not have to pay UK corporation tax as UK rules on
taxation of profits on Controlled Foreign Companies were incompatible with EU
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory