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UK:Marks & Spencer set to win UK tax law case |
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2005-2-2
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In a landmark case Marks & Spencer appears all set to win at the European Court of Justice, resulting in tax reforms in most of the European countries.
Under the prevailing UK law, tax losses from overseas subsidiaries may not be offset by UK profits. M&S will argue that these regulations go against EU law.
The implications of this case will have far reaching effects, which The European Federation of Accountants believe, European countries could all face large claims of tax relief on past losses.
Said an unnnamed M&S spokeswoman, "We are pleased the case was sent by the High Court to the Court of Justice. We await the court''s decision, which we expect to be made later this year." |
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