Sparks fly

摘要

Marks & Spencer is not thought of as a great innovator these days, but it may precipitate a huge change. On February 1st, M & S and Britain's Inland Revenue appeared before the European Court of Justice (ECJ) to argue over Britain's tax regulation on "group relief", which allows companies to offset losses from one subsidiary against profits from another. If M & S wins the case, most EU countries, including Britain, will have to reform their corporate tax rules.