A UK court has ruled corporation tax applies to profits made by a Manx-based company.
Knights Developments was involved in an appeal about whether profits from a Kent property development were taxed in the UK under double-taxation arrangements with the Island.
HMRC wanted £5.4 million in corporation tax from the company, which is part of the Dandara group, over the space of four years.
In a ruling, the Upper Tribunal rejected its argument the UK-Isle of Man tax agreement meant it didn't have to pay.
Peel Lifeboat receives generous donation
Beach sauna plans submitted for the south of the Island
Economic crime talk later this month
Last chance for this year's income tax returns!
More than 400 cyber-threats reported in two months
FlexyStaff Launches on the Isle of Man, giving local businesses and workers a better way to fill shifts.
Praase announces new home in the south of the Island
CyberIsle returns to Santon next month
