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EU: EC hits Britain over illegal tax break to multinationals

By  |  April 2, 2019

The EU’s powerful antitrust authority on Tuesday, April 2, stated a tax break from Britain for unnamed multinationals was illegal under state aid rules, firing a shot at London amid Brexit chaos.

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    The European Commission gave no indication of the amount of money to be recovered nor the companies involved, but stated the tax break “unduly exempted certain multinational groups” from UK anti-tax avoidance rules.

    “The commission found that the scheme unduly exempted certain multinational groups from these UK rules targeting tax avoidance,” stated the Commission. British authorities will have to calculate the exact sum that needs to be recouped from companies that benefited from the tax breaks. The total was expected to be in the range of tens to hundreds of millions of pounds, said people briefed on the case.

    Full Content: Financial Times

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