Ruling earlier this month in the UK's High Court, Mr Justice Etherington awarded a victory to Swiss bank, UBS, in its tax credit dispute with HM Revenue and Customs.
UBS had accused the tax authority of discriminating against it (as compared with a UK-resident bank) when it tried to claim tax relief on dividends received from the UK branch of one of its operations.
Ruling in June of last year, Special Commissioners John S. Avery Jones and Julian Ghosh stated that although in theory the bank should be able to claim the tax credit on the Swiss Banking Corporation dividends, dating back to the early nineties, the legislation which would permit this had not yet been incorporated into UK law.
Mr Justice Etherington last week granted UBS the right to appeal the Special Commissioners' decision.
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