Vodafone wins £2 billion tax case

Vodafone has defeated HM Revenue & Customs over a £2 billion tax claim. HMRC had wanted to impose UK tax on Vodafone's Luxembourg subsidiary, which was set up in 2000 when Vodafone took over Mannessman in Germany. Last week the High Court said the UK's tax laws were incompatible with European law in this instance and told HMRC to close its inquiry. HMRC says it'll appeal. [Sources: TimesOnline.co.uk; FT.com]