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    Marks & Spencer (group relief): HMRC’s “lesser of” quantification method rejected
    2009-09-25

    In its previous decision in April the First Tier Tribunal upheld the cross border group relief claims which Marks & Spencer made in respect of its Belgium and German subsidiaries after the subsidiaries had commenced liquidation. The Tribunal held further that, whereas the utilisation of the losses was to be determined by reference to local rules, the unutilised losses had to be re-computed according to UK principles for the purposes of determining the amounts which could be group relieved.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Dorsey & Whitney LLP, Accounting, Consideration, Liquidation, Tax deduction, Subsidiary, Marks & Spencer, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Dorsey & Whitney LLP
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