BRITISH DRUG MANUFACTURER SHIRE has confirmed it received a C$266m (£146m) tax rebate from the Canadian tax authority, with a further C$174m yet to come.
Subject of a takeover bid from Canadian rival AbbVie, the windfall bolstered Shire’s position as it prepares to woo shareholders over the bid.
Shares in the FTSE100 company rose with the news, but started today down 17p at 4,553p per share, Accountancy Age‘s share price centre shows.
The company said on its website: “Shire intends to use the cash receipts to repay debt, providing Shire with increased capacity to invest in focussed business development activities.”
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,
While some resistance to change is to be expected, the degree of controversy surrounding HMRC's Making Tax Digital proposals has surprised the government