BNP Paribas faces £35 million bill after losing tax case
The bank said it "respects the decision" and had already paid the money back ahead of the confirmation of the tribunal's verdict. It will not be appealing the ruling, saying it pays its taxes "fully in accordance with UK legislation" and has a "wholly transparent" working relationship with HMRC.
HMRC's director general for customer compliance Penny Ciniewicz remarked: "Tax avoidance doesn't pay. This decision adds to the comprehensive run of wins by HMRC in which the courts have found against the small minority of taxpayers who seek to avoid tax.