Surprising opinion on cross border losses
The Advocate General of the EU has published her opinion on the action against the UK for failing properly to implement the decision (Marks & Spencer’s case) on relief for cross-border loss relief case. The AG concluded that the UK is justified in principle not only in imposing stricter requirements for relief, but also in excluding overseas subsidiary losses. The opinion suggests that the change in the UK law following the Marks & Spencer case was not necessary.
It appears that, in the AG’s opinion, a UK company investing overseas is not in the same position as one investing in the UK and so can be subject to different rules.
This could get very complicated!
Date: 21st November, 2014
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