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Marleasing versus Disapplication

Paul Farmer and Kelly Coutinho of Dorsey & Whitney (Europe) LLP discuss the illegality of the UK's thin capitalisation rules
The judgment of Henderson J in the Thin Cap case [2009] EWHC 2908 (Ch) is discussed generally on page 5 of this issue of The Tax Journal by Michael Anderson and Philippe Freund. This article focuses in greater detail on one aspect namely the Judge's findings on the consequences of the illegality of the thin cap rules. Henderson J makes an important contribution to the judicial pronouncements on this issue and in our view outlines an approach which is compatible with the requirements of EU law while...
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