News Details

Tribunal turns down McLaren spy-gate fine tax rebate

No luck in court for McLaren McLaren have lost a claim that a record £32 million ($51.33 million) fine the Formula One team paid after a 2007 spying controversy should be tax deductible. Britain's Revenue and Customs (HMRC) said in a statement on Wednesday that an Upper Tribunal, a superior tax court, had ruled in their favour, overturning a 2012 ruling at a first tier hearing that found for McLaren. 'We're very pleased the Upper Tribunal agrees that the fine should not be given tax relief, which supports our view that most fines are not allowable as deductions against trading income,' said Jim Harra, HMRC Director General of Business Tax. McLaren had argued that the fine, originally set...
Full Story »
10mo ago from GrandPrix247.com 0
Share

You May Also Be Interested In...

Formula 1 stars not high up on Forbes rich list

Top three earners in Formula 1 The only Formula 1 star to make it into the...
10mo ago from GrandPrix247.com

Mercedes Looking to Return to Winning Ways in Austria

The Mercedes-AMG PETRONAS team head into the Austrian Grand Prix after...
10mo ago from TheCheckeredFlag....

Schumacher out of coma and discharged from hospital

Michael Schumacher BBC reports that according to his family Formula 1...
10mo ago from GrandPrix247.com

F1 world welcomes good news about Schumi

Michael Schumacher with Fernando Alonso The Formula 1 world was united in...
10mo ago from GrandPrix247.com

Elsewhere On The Network

Popular On MotoGPToday.com

More details emerge of Marquez injury

Further details have emerged regarding Saturday's finger injury for...
6h ago from Crash.net

Smith s ankle a four to six month injury

Bradley Smith may not mention it, but one glance at the Englishman...
2h ago from Crash.net

Rossi & Marquez set to resume duel in Jerez

Valentino Rossi and Marc Marquez look set to resume their duel for the...
5h ago from MotoGP.com

Popular On IndyCarToday.com

Montoya and Kimball disagree, both critical of race...

After a frantic IndyCar race at Barber, multiple drivers were left with...
17h ago from Motorsport.com

Newgarden Takes Maiden Win at Barber

An outstanding race full of strategy and passing saw Josef Newgarden hold...
19h ago from OpenWheelWorld.n...

Mick Schumacher wins third-ever car race in German F4

Mick Schumacher, the 16-year-old son of seven-time Formula 1 World...
1d ago from Motorsport.com

Castroneves outruns the rain to win Alabama pole

– Hélio Castroneves put in a quick lap early in the third...
1d ago from GPUpdate.net

Popular On TotalWRC.com

Round 1 produces a first podium for Team...

Timmy Hansen finished on the podium, chased in the order by team-mate Davy...
1h ago from Motorsport.com

Latvala: Argentina DNF a bitter blow

Volkswagen's Jari-Matti Latvala says his failure to finish Rally...
1h ago from Crash.net

Four Out of Four Stage Win For Volkswagen On Day Three

Will a rally victory unlikely for Volkswagen Motorsport the team spent...

Sordo fights back to fifth

Hyundai's Dani Sordo says he will take a “lot of positives” from...
7h ago from Crash.net

Popular On GunnersToday.com

Video: Chelsea fans deface Herbert Chapman's statue...

Footage has been released of a bunch of Chelsea fans who defaced the...
2h ago from SportsKeeda.com

Bellerin - Wing education has helped

Hector Bellerin believes that his early days as a winger have helped him...
6h ago from Arsenal.com

Transfer rumours and paper review – Monday, April 27

Here's the top transfer-related stories in Monday's newspapers......
10h ago from TalkSport.com

Arsenal star Aaron Ramsey: Chelsea are the best team...

Arsenal midfielder Aaron Ramsey has conceded Chelsea are the best team in...
6h ago from TalkSport.com

Comments

comments powered by Disqus

2014 GPToday.com
GPToday.com is not responsible for the news headlines and associated descriptions and images it indexes, the content of externally linked sites or the comments & postings of its users.

This website is unofficial and is not associated in any way with the Formula One group of companies. F1, FORMULA ONE, FORMULA 1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trade marks of Formula One Licensing B.V.