Morgan Stanley subsidiary loses tax tribunal

Kashflow logo
0

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...

Please Login or Register to read the full article

The full article is available to registered AccountingWEB.co.uk members only. To read the rest of this article you’ll need to login or register. Registration is FREE and allows you to view all content, ask questions, comment and much more.

Rachael Power
Community Correspondent
Sift Media
Share this content

Replies

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.