<b>Tax News:</b> Pirelli lose on group income elections. By Nichola Ross Martin

The House of Lords has found in favour of HMRC in a long running case in which Pirelli Cables attempted to reclaim ACT under double taxation conventions - Pirelli Cable Holding NV and others v Inland Revenue Commissioners [2006] UKHL 4.

The case centred on the application of two double taxation conventions which were primarily designed to avoid double taxation of distributable profits between the company and its shareholders.

Continued...

» Register now

The full article is available to registered AccountingWEB 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.