Fears of a European Court decision prompting EU-wide "fiscal meltdown" are likely to be unfounded, according to experts at Chiltern, the professional services group.
The ECJ Advocate General issued his Opinion in the Marks & Spencer group relief case on 7 April.
He recommended that M&S should be allowed to claim UK tax relief for losses incurred in subsidiaries in other EU countries. Many commentators believe that the European Court of Justice will follow his recommendation.
Chiltern said: "This decision could well lead to the government being forced to make tax refunds running into hundreds of millions, if not billions of pounds, as many UK-based companies with overseas subsidiaries have already submitted similar claims.
"Many commentators have speculated on what the Inland Revenue's reaction...