This is not news to your average punter but it is news for the debt-laden Treasury.

The European Court of Justice yesterday found that the government has taxed UK firms too much on overseas takeovers.

PricewaterhouseCoopers believes that British companies will attempt to re-claim ‘at least £5billion’ over the coming years reports the Mail.

The ruling related to the wrong level of tax being charged to companies when paying for oveseas acquisitions with their own shares.

Government found guilty of over-taxing British companies and could face £5bn bill [The Mail]