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BoI loses Stg27m corp tax appeal

Friday, February 21 12:50:04

A British tax tribunal has rejected for a second time an attempt by Bank of Ireland (BoI) to avoid 27 million pounds in corporation tax by transferring a financial contract between subsidiaries.

Her Majesty's Revenue and Customs (HMRC) said that BoI's Bristol and West home mortgage subsidiary's attempt to use a loophole in the law governing the taxation of derivatives was a "highly complex and speculative avoidance gamble".

The UK's Upper Tribunal, which rules on tax issues, rejected the bank's appeal, following a similar decision last April.