Part Of UK Tax Rules Illegally Aided Multinationals, EU Says

Law360 (April 2, 2019, 4:06 PM EDT) -- The European Union’s competition regulator said Tuesday that part of a U.K. scheme that exempted certain multinational companies from anti-tax-avoidance rules amounted to illegal state aid, and it ordered the British government to recover the money.

The European Commission announced its finding that a now-expired provision of U.K. controlled foreign company rules was illegal state aid even as Britain is looking at the process of leaving the European Union. (AP)   The European Commission announced its finding after an investigation into U.K. controlled foreign company rules, which are intended to prevent British-based multinationals from shifting profits to subsidiaries located in low-tax or no-tax jurisdictions offshore. The rules accomplish this by...

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