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Bittersweet victory for M&S

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In its judgment on the remaining issues in the Marks and Spencer cross-border group relief claim, the Supreme Court has ruled that although the company was in principle allowed to make fresh loss claims, these are now time-barred.

Rupert Shiers, partner in Hogan Lovells’ tax team, said: ‘UK corporates with overseas subsidiaries should now be able to claim UK corporation tax relief freely, where those subsidiaries suffer losses which cannot be used locally. UK legislation introduced after the CJEU decision in 2005 will require amendment to remove restrictions now effectively declared unlawful.’