Business Services Industry
UK Court limits ACT refund in Pirelli case.
Australasian Business Intelligence, March, 2006
Mar 07, 2006 (Tax Notes International - ABIX via COMTEX) -- A ruling has been made by the UK House of Lords in the case of "Pirelli Cable Holding NV v CIR". The case involved a dispute over
the UK tax law regarding the advance corporation tax (ACT). The ruling was based heavily on the outcome of the European Court of Justice case "Metallgesellschaft & Hoechst AG v CIR", which determined that the UK's ACT laws were in breach of the European Commission's laws. Under the UK laws,
companies that are UK subsidiaries of European Union parents can claim compensation for ACT paid to their parents. However, the court ruled that any claims will be deducted from tax credits...
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