Economics
U.K. Companies Face Pre-Brexit Tax Bombshell From EU
- Fifteen of 48 companies cite exposure of 576 million pounds
- Probe is most extensive tax case ever started by EU authority
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The European Union is on course to hand dozens of U.K.-based companies a pre-Brexit tax bombshell, according to people familiar with a state-aid probe that could lead to bills exceeding 1 billion pounds ($1.3 billion.)
A decision in the European Commission’s investigation into a controversial tax break for U.K.-based multinationals will be ready later this year, well before Britain’s scheduled March 2019 departure from the EU, said the people, who asked not to be named because the process isn’t public.