Tax avoidance

Bank of Ireland loses £27m tax avoidance case in UK

The UK Court of Appeal has ruled against Bank of Ireland in its a long-running tax avoidance dispute with UK authorities over a £27 million (€34.3 million) tax bill relating to its subsidiary, Bristol & West.

In response, Bank of Ireland said the ruling Appeal was “conclusive and definitive” and it would not pursue any further appeals on the matter.

“The group will not be pursuing a further appeal and is satisfied that the acknowledged legislative and procedural uncertainties have now been clarified,” the bank said.

“The group notes this is an issue that dates back some 12 years and that the tax assessed has already been paid. The group have signed up to the Code of Practice on Taxation of Banks and is fully compliant with its obligations under the code.”