British shipping company P&O has failed in its bid to use a complex international tax avoidance scheme to avoid paying corporation tax.
The case, Peninsular & Oriental Steam Navigation Company v Commissioners for HMRC  UKFTT 322, centred on P&O’s attempt to get an extra £14m in tax relief by artificially boosting the credit due for tax paid on dividend income.
HMRC successfully challenged the scheme in the first tier tribunal, which ruled that...
About Robert Lovell
Business and finance journalist