We understand the UK government has filed an application with the EU General Court for annulment of the European Commission’s decision that the finance company exemptions within UK’s CFC regime gave rise to state aid.
The Commission released its decision on 2 April that, following a state aid investigation, it found the finance company exemptions were only partially justified under state aid rules. The decision requires the UK to effect full recovery of illegal state aid within four months and, within two months, to provide the Commission with a full breakdown of the relevant exemptions granted to individual taxpayers and the amounts of state aid involved.
Full details of the government’s application have not yet been published.
We understand the UK government has filed an application with the EU General Court for annulment of the European Commission’s decision that the finance company exemptions within UK’s CFC regime gave rise to state aid.
The Commission released its decision on 2 April that, following a state aid investigation, it found the finance company exemptions were only partially justified under state aid rules. The decision requires the UK to effect full recovery of illegal state aid within four months and, within two months, to provide the Commission with a full breakdown of the relevant exemptions granted to individual taxpayers and the amounts of state aid involved.
Full details of the government’s application have not yet been published.
