Impending court case could shake up tax regulations across Europe
Marks & Spencer appears likely to win a landmark case at the European Court of Justice tomorrow, which could force most European countries to overhaul their tax regulations. Under UK law, tax losses from overseas subsidiaries may not be offset by UK profits. M&S will argue that these regulations go against EU law.

According to the Financial Times, the European Federation of Accountants believes this case will have an impact on a number of European countries, which could all face large claims of tax relief on past losses.

An M&S spokeswoman said: 'We are pleased the case was sent by the High Court to the Court of Justice. We await the court's decision, which we expect to be made later this year.'