An Irish investment company is entitled to an £18.1 million ($24.4 million) tax refund on debt interest arising from the closure of Lehman Brothers, a UK court has ruled.
Dublin-based firm Burlington Loan Management’s acquisition of a debt claim didn’t constitute treaty abuse even if its purpose was to get tax exemptions provided by the treaty, the Court of Appeal said in a decision Monday, dismissing His Majesty’s Revenue and Customs’ appeal.
The dispute related to tax treatment of £90.7 million in post-administration interest from Lehman Brothers International (Europe). Burlington Loan Management had acquired the debt claim from Saad ...
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