A raft of City firms are set to win millions of pounds for clients in a group action after a landmark tax ruling against HM Revenues & Customs (HMRC).

A number of firms including McGrigors, Dorsey & Whitney, Reynolds Porter Chamberlain, Linklaters, Slaughter and May and Norton Rose are representing clients in a group litigation order (GLO) seeking to recover money wrongly paid through advanced corporation tax (ACT).