About £1bn in tax will be paid into the public purse from the administration of the European arm of Lehman Brothers, the investment bank that collapsed in 2008, after a ruling by Britain’s highest court.
Yesterday the Supreme Court dismissed an appeal by PwC, the administrators, in a ruling that ended a three-year row over whether tax should be levied on interest payments made to the bank’s creditors.
Lehman Brothers went bust in 2008 in the world’s largest corporate bankruptcy. Its collapse destabilised the global banking system, leading to taxpayer bailouts for Royal Bank of Scotland and Lloyds Banking Group.
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