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Bristol & West tax avoidance plan scuppered

Accountancy Age

A £27M TAX AVOIDANCE ARRANGEMENT used by the former Bristol & West building society has lost an appeal in the upper-tier tribunal. The tribunal said that Bristol & West transferred interest rate swaps to another Bank of Ireland subsidiary purely in the hope of securing a tax advantage. A further £215m was protected when other followers of the plan settled before being taken to tribunal. Bristol & West transferred interest rate…

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