Vodafone To Pay GBP1.25 Billion Tax Bill - FT

24th Jul 2010 11:36

LONDON (Dow Jones)--Vodafone Group PLC (VOD, VODPF, VOD.LN), the world's biggest mobile-network operator, has agreed to pay a tax bill of GBP1.25 billion, ending one of the U.K.'s biggest legal battles over international tax planning, the Financial Times newspaper in London reported Saturday, citing people familiar with the situation. The newspaper said the settlement, which was far less than the provision of GBP2.2 billion carried in Vodafone's accounts though still the largest of its type ever agreed to in the U.K., is a sign of a more conciliatory approach recently adopted by Revenue & Customs. Vodafone, which had provided for GBP900,000 of interest costs as well as GBP2.2 billion for the tax liability, said it was pleased with the outcome of the dispute, the Financial Times reported. Newspaper Web site: http://www.ft.com -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9298 (END) Dow Jones Newswires July 24, 2010 06:36 ET (10:36 GMT)