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Tax tribunal exposes £14m avoidance trick by DP World

Author: Simon Bowers, Guardian (UK), Published on: 18 July 2013

A complex and aggressive attempt to avoid UK tax on an international ports business controlled by the billionaire ruler of Dubai has been thrown out by a tax tribunal, which branded the scheme "an elaborate trick". The scheme would have secured £14m in tax relief. It was devised in 2004 by P&O...Dubai-owned DP World, which acquired P&O in 2006...had sought to appeal against the authorities' rejection of the scheme...[T]he appeal was rejected...with the tribunal judge calling it "a scripted game of charades"...The DP World tax avoidance plan...sought to exploit complex international treaty rules designed to facilitate global trade by making sure profits are not taxed twice in different jurisdictions. [refers to Dubai World, P&O Australia]

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Related companies: Carnival DP World Dubai World P&O (part of Dubai World)