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Coronation bleeds after court rules it must pay large tax bill | Business

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Coronation lost almost a billion rand in market value within an hour on Wednesday after the Supreme Court of Appeal ordered it to pay a large tax bill. | News24_Business

Coronation shares lost more than 11% after the Supreme Court of Appeal ordered it to pay a large tax bill.The dispute involves the tax status of its Irish business. Coronation lost almost a billion rand in market value within an hour on Wednesday after the Supreme Court of Appeal ordered it to pay a large tax bill.

Last year, SARS took the judgment on appeal to the SCA, which had to decide whether the Irish business qualifies for the tax exemption. CGFM outsourced its investment management to Coronation Asset Managers and Coronation International, neither of whom was a tax resident in Ireland.

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