Morgan Stanley subsidiary loses tax tribunal

The upper tribunal has disallowed a loss made by Land Securities, which was to be offset against its tax liability, generated through a tax avoidance scheme by a subsidiary of Morgan Stanley.

Land Securities V HMRC could have cost the UK £60m, according to the Revenue, had the court battle not been lost by Land Securities.

The tribunal was an appeal by the company against a first-tier tribunal decision in September 2011, where Land Securities’ claims for a capital loss for corporation tax purposes arising from previous transactions, which the tribunal found to...

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