HMRC defeats P&O avoidance scheme

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British shipping company P&O has failed in its bid to use a complex international tax avoidance scheme to avoid paying corporation tax.

The case, Peninsular & Oriental Steam Navigation Company v Commissioners for HMRC [2013] UKFTT 322, centred on P&O’s attempt to get an extra £14m in tax relief by artificially boosting the credit due for tax paid on dividend income.

HMRC successfully challenged the scheme in the first tier tribunal, which ruled that...

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