Marks and Spencer.

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Marks and Spencer has won the first round in its bid to claim tax relief on losses suffered in EU countries outside the UK. The European Court of Justice's advocate-general, Miguel Poiares Maduro, said the Inland Revenue was wrong to prevent M&S from offsetting losses incurred by foreign subsidiaries against the parent firm's profits.

A full decision on the case isn't expected until later this year, but the advocate-general's opinion is normally a fair indicator of the...

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