M&S has won landmark tax rebate case

Marks & Spencer has won its European Union court case for the right to deduct overseas losses from its British tax bill.

The European Court of Justice said that M&S may claim back losses it made in France because it has ceased operations there.
Bill Dodwell, a tax partner at consultants Deloitte said “The court has ruled that the UK tax regime isn’t quite right, but overall, EU governments will be quite pleased with this result,” he added “UK law went too far because it didn’t allow M&S to claim tax relief in the UK, even when it couldn’t claim it overseas because it had closed its foreign subsidiary,”

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