Marks & Spencer’s landmark victory in its tax dispute with Revenue &
Customs has prompted the taxman to enact new legislation which, if passed, will
prevent companies with European subsidiaries taking advantage of tax reliefs
awarded by the European Court of Justice.
The new legislation will be included in the 2006 Finance Bill, which follows
next month’s Budget speech.
If passed, it will take effect retrospectively from 21 February this year.
In December last year, the ECJ ruled M&S could offset losses from
subsidiaries in other European Union countries against UK company tax, not just
against losses generated in the UK.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states