Legal action being taken by some of the world's largest multinational firms against the UK's corporate tax laws could cost the Treasury some £20 billion in tax refunds if all of the cases are successful, according to an Accountancy Age report.
The news service cited an unnamed official close to ongoing cases in the European courts as the source for the figure, which the Inland Revenue last week dismissed as "massively exaggerated".
According to Accountancy Age, the cases in question relate to group litigation orders (GLOs) contesting six areas of the UK corporate tax regime which the firms in question argue are in contravention of European law.
Participants in the cases include Shell, Coca Cola, Royal Mail, Heinz, British Telecom, Caterpillar, BMW and Esso.
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