PracticeConsultingUK banks take on IRS

UK banks take on IRS

NatWest Bank is taking the US Internal Revenue Service to court to reclaim $180m (#240m) of back tax and interest it was forced to pay in 1995. The test case is based on a 1996 decision that the IRS’s arbitrary formulas violate international tax treaties and could lead to claims of a further $220m from other UK banks.

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