The newspaper was forced to apologise last September after accusing the
supermarket of creating an elaborate off-shore structure to avoid paying up to
£1bn in corporation tax on profits from the sale of its UK properties.
Headlines included ‘Tesco’s £1bn tax avoiding plan move to the Cayman
Islands’ and ‘Every little bit helps: tax free pot of gold at end of Tesco’s
The Guardian subsequently accepted the ‘damaging allegations were
Editor Alan Rusbridger said this week: ‘It was Tesco’s contention that The
Guardian had made an elementary and obvious mistake. So simple was it that the
bill includes more than £350k for their tax lawyers and accountants to explain
to their own lawyers just what Tesco were up to.’
Tesco media director Jonathan Church said: ‘The Guardian got their
story on Tesco and tax completely wrong. They have agreed to pay costs and we
are now discussing the amounts with them through the courts.’ Ernst & Young
declined to comment.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
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