UK Broker Loses Tax Court Row Over $18M In Loyalty Payouts

Law360 (August 9, 2019, 9:07 PM EDT) -- U.K. online brokerage Hargreaves Lansdown cannot return £15 million ($18 million) in tax-free loyalty bonuses to its customers, Britain's top tax court ruled Friday, ending a long-running battle between the national tax authority and a popular investment platform.

One of Britain's biggest sellers of mutual funds has been told it could no longer avoid tax on a “loyalty” windfall as it lost a court battle over £15 million ($18 million) in bonuses. (AP) The U.K. Tax and Chancery Chamber's Upper Tribunal overturned a March 2018 decision in which the First-Tier Tribunal found that discounts to retail fund investors weren't taxable. That...

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