|
BTI
BTI
BTI - British American Tobacco p.l.c. - High Court Judgment in FII Group
Litigation Order
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
("British American Tobacco p.l.c." or "the Company")
High Court Judgment in FII Group Litigation Order
In the High Court of Justice, The Honourable Mr Justice Henderson today handed
down his judgment in the case of The Test Claimants in the FII Group Litigation
versus The Commissioners for Her Majesty`s Revenue and Customs (HMRC). The
British American Tobacco group is the principal test claimant in this
litigation.
The judgment is complex and extends to 150 pages. British American Tobacco will
be studying the judgment in detail with external counsel and deciding on the
future course of action.
This judgment applies the decision of the European Court of Justice (ECJ) in
December 2006. The judgment concludes, among many other things, that dividends
received from EU subsidiaries should be, and should have been, exempt from UK
taxation. It also concludes that certain dividends received before 5 April 1999
from the EU and, in some limited circumstances after 1993 from outside the EU,
should have been treated as franked investment income with the consequence that
advance corporation tax need not have been paid. Claims for the repayment of UK
tax incurred where the dividends were from the EU can be made back to 1973.
The judgment concerns issues of principle and the quantification of the claim is
to be the subject of a subsequent hearing. The tentative conclusion reached in
the judgment would produce recovery of about GBP1.2 billion for British American
Tobacco but is subject to a further reference to the ECJ.
British American Tobacco cannot comment on what the views or reaction of HMRC is
to this judgment, however the issues to be resolved in this case are so
important to business and HMRC that the judgment may well be subject to appeal
to the Court of Appeal and / or reference to the ECJ and this could take 3 to 4
years to resolve.
ENQUIRIES
British American Tobacco Press Office
David Betteridge / Kate Matrunola / Catherine Armstrong
+44 (0) 20 7845 2888
Investor Relations
Ralph Edmondson / Rachael Brierly
+44 (0) 20 7845 1180 / 1519
27 November 2008
Sponsor: UBS South Africa (Pty) Ltd
Date: 27/11/2008 13:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
