<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.


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