DCC may face Lotus tax liability

DCC may face Lotus tax liability

DCC faces a potential capital gains tax (CGT) liability if the High Court case brought against it by Fyffes proves that its Dutch subsidiary, Lotus Green, was an agent of the sales and marketing company.

DCC faces a potential capital gains tax (CGT) liability if the High Court case brought against it by Fyffes proves that its Dutch subsidiary, Lotus Green, was an agent of the sales and marketing company.

Paul Gallagher SC, counsel for Fyffes, last week accused DCC, its chief executive, Jim Flavin, and another subsidiary, S&L Investments, of being “shadow directors'‘ of Lotus Green.

The latter is an Irish-registered, Dutch-resident company set up in 1995 by DCC.

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