McLaren's spygate fine from back in 2007 is not tax deductible, according to Britain's Revenue and Customs. The Woking team was fined $100 million in 2007 when they were found guilty of illegally being in possession of secret Ferrari data. The fine was reduced by almost half with McLaren seeking for that to be exempt from Corporation Tax. The team stated that it was "connected" to the business trade. However, Reuters reports that on Wednesday HMRC ruled that the "illicit gathering" of information was not a part of the team's trading activities. "We're very pleased the Upper Tribunal agrees that the fine should not be given tax relief, which supports our view that...
Full Story »