UK Tribunal Tosses HMRC Appeal Of Euromoney Deal

By David Hansen (August 2, 2022, 8:16 PM EDT) -- A lower tribunal correctly found that tax avoidance wasn't the main reason Euromoney Institutional Investor sold its interest in a company, even though it restructured the cash portion of the $80 million transaction to reduce taxes, the Upper Tribunal ruled.

The First-tier Tribunal had ample evidence to support its decision, the Upper Tribunal said in its ruling Friday, including the fact that Euromoney would have proceeded with the sale even if it had had to take $21 million of the sale in taxable cash instead of stock.

In 2014, Euromoney decided to sell its shares in a company, identified in court documents as...

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