McLaren has lost its battle with Her Majesty's Revenue and Customs over a $100 million (£58m) fine awarded by the FIA back in 2007 for its part in the 'spy-gate' saga. The fine was eventually reduced to around half that amount as the ruling stated that any money McLaren would have been awarded that season from the prize money pot should be deducted from the overall fine. McLaren had hoped to claim the fine as tax deductable as it was related to the business trade, but HRMC has won a ruling which states it isn't. "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...
Full Story »