EU executive takes Britain to court over Gibraltar tax exemption
BRUSSELS (Reuters) - The European Commission has referred Britain to the Court of Justice of the European Union for failing fully to recover illegal state aid of up to 100 million euros ($118.9 million)granted as tax exemptions in Gibraltar.
The Commission, which oversees competition policy in the 27-member EU, said on Friday the corporate tax exemptions covered passive interest and royalties between 2011 and 2013 and so took place before Britain exited the European Union.