HMRC defeats Ernst & Young avoidance scheme

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HM Revenue and Customs (HMRC) has defeated a tax avoidance scheme used by a major brewery, protecting around £30 million in tax.

The avoidance scheme, marketed by Ernst & Young in 2003 to brewery Greene King plc and other large groups, involved loans between group companies. The aim was for one company in a group to get tax relief on interest paid to another group company without that other company paying tax on the income it received.

HMRC Press Release here

 

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