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TNT Post UK is taking Royal Mail to court, claiming that the majority of its business should not be benefiting from a 20% VAT exemption. Royal Mail will publish its IPO prospectus in the next few weeks – which is likely to list the court case as a risk to the privatisation. TNT’s UK chief, Nick Wells, said: “Having a privatised Royal Mail with a 20% VAT advantage is simply not fair. We expect a favourable decision to come out of this process and expect that to be towards the end of 2015 and early 2016.”

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