On 8 June 2022, the General Court of the Court of Justice of the European Union dismissed the UK and ITV’s applications to annul the European Commission’s decision on the UK controlled foreign companies (CFC) group financing exemption. The applicants’ pleas were entirely rejected by the General Court, so the UK must, for now, retain the tax and interest it was ordered to recover from affected UK groups.

Paul Davison, Helen Buchanan and Rob Jones from our London tax team share some observations on this judgment in the briefing at the link below.

This briefing was originally published in Tax Journal on 24 June 2022.