M&S loses tax battle over French subsidiary

Marks and Spencer cannot offset the losses made by its former French subsidiary against domestic profits for corporation tax purposes in the light of a landmark decision from Europe's top court, a judge ruled 10 April 2006. However, the retailer might be able to offset the losses made by its former Belgium and German subsidiaries and this should be sent back to a specialist tax tribunal to be considered, Mr Justice Park said in London's High Court.