Friday, 8 September 2017

French Bank BNP Paribas loses £35m UK tax avoidance case

French bank BNP Paribas has lost a case in the UK which has seen it pay back £35m in tax.

A tribunal ruled in favour of HMRC, which said the bank tried to use a tax avoidance scheme involving share dividends.

BNP Paribas said it "respects the decision" and had paid the tax in full before the tribunal was heard.

The bank added it would not appeal the ruling, which dealt with a transaction dating back to 2005.

BNP Paribas was accused by HMRC of avoiding tax by using a scheme known as "dividend stripping".
It involved the bank trying to get an exemption from tax by claiming an artificial loss on the purchase and sale of dividends, according to HMRC.

BBC     News.