EU costs us tax

 EU tax rulings could cost UK £50bn

UK tax laws declared illegal by the EU have cost Britain £7.87bn between 2005 and 2014, the Sunday Times reports. OBR documents indicate HMRC is expected to pay out another £7.3bn to businesses between 2016 and 2020, while court cases already with the European court could cost the Treasury a further £35.6bn, according to the paper. Taxes declared unlawful include tax on profits distributed by a subsidiary to a parent company and stamp duty reserve tax. The EU has also blocked UK plans to reduce the time limit to claim for overpaid tax to 6 years. Priti Patel, the Eurosceptic employment minister, said: “People will be shocked that big business is taking British taxpayers to court in Europe and winning, costing us all billions.”

Source: The Sunday Times (10/04/2016)