Upper tribunal judge Mr Justice Mann has thrown out for the second time an appeal [UKUT 178] from brewery and pub group Greene King over an EY-devised tax scheme.
The brewer has been trying to overturn the Revenue's rejection of the complex scheme for more than a decade, which relates to the correct treatment of a £300m internal loan.
Greene King's auditors EY had devised and marketed the tax planning scheme under the name Project Sussex. However, the scheme not only failed to enable Greene King to avoid tax on £21.3m of interest made to one of its subsidiaries, but also left it unintentionally taxed twice on some gains.
The judge said...