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Foreign Tax Credits

Stephen Edge, Slaughter and May, discusses the ramifications of the decision in Legal & General

 
Stephen Edge Slaughter and May discusses the ramifications of the decision in Legal & General
 
Imagine the scene — a keen young investment banker is sent out to comment on the comparative profitability of a major retailer's newspaper sales and starts off by talking to his or her local newsagent to find out how much profit is made on each newspaper sale.
 
'Well it all depends' begins the newsagent:
 
●     'I can tell what the gross profit is on each sale quite easily by deducting the purchase price per copy from the sale price but then it is difficult for me to allocate the running costs of...

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