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EU court rules against ITV over diverted profits tax case

ITV and the London Stock Exchange have lost a multimillion pound case at the EU General Court relating to the use of state aid and controlled foreign company (CFC) rules

For several accounting periods, until the 2016 accounting period at least, the profits from the interest on certain of the loans made by CFCs which were imputed to ITV were the subject of an application for exemption under Chapter 9 of Part 9A of the Taxation (International and Other Provisions) Act 2010 (TIOPA). The scheme was first implemented in 2013 and ran for three years.

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