Multinationals are likely to find it easier to exploit low tax rates in European Union countries outside the UK, after a preliminary ruling by Europe's highest court.
The advocate-general of the European Court of Justice said yesterday that putting subsidiaries in low-tax countries was not necessarily tax avoidance.
But some companies will face a period of continued uncertainty, since the court said that businesses engaged in "wholly artificial" arrangements should continue to be hit by anti-avoidance legislation.
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