Lloyds Banking Group faces a potential £1 billion liability following a tax tribunal's ruling that the bank incorrectly claimed £3.8 billion in tax relief linked to losses in its Irish operations, abandoned after the 2008 financial crisis. The tribunal dismissed Lloyds' appeal against HMRC, and the bank intends to contest the decision further. Simultaneously, Lloyds grapples with another financial issue involving its motor finance division, needing to set aside £450 million for customer redress due to regulatory investigations into potential mis-selling.
Lloyds Banking Group faces a £1 billion tax bill after a tribunal ruled it incorrectly claimed £3.8 billion in tax relief related to Irish losses.
The tribunal dismissed the lender's appeal against HM Revenue & Customs, revealing ongoing financial challenges for Lloyds due to regulatory scrutiny.
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