News Details

McLaren loses tax battle over $100m fine

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 »
2y ago from TheF1Times.com 0
Share

You May Also Be Interested In...

Tribunal turns down McLaren spy-gate fine tax rebate

No luck in court for McLaren McLaren have lost a claim that a record £32...
2y ago from GrandPrix247.com

McLaren lose spy fine tax battle

McLaren's spygate fine from back in 2007 is not tax deductible, according...
2y ago from PlanetF1.com

Rosberg says psychology playing a role in F1 battle

Nico Rosberg in Canada In Canada Mercedes suffered the first hiccup in an...
2y ago from GrandPrix247.com

Beating Vettel says a lot about Ricciardo

While the Mercedes duo tussle for title spoils, a very different battle is...
2y ago from GrandPrix.com

Elsewhere On The Network

Popular On MGPToday.com

MotoGP: Smith happy with KTM testing pace

KTM’s 2017 rider Bradley Smith says that he’s delighted with the...

Smith undergoes surgery after Oschersleben Endurance...

MotoGP star Bradley Smith looks likely to miss next weekend’s...
1d ago from BikeSportNews.com

MotoGP: Smith awaiting scan results on knee injury

Monster Yamaha Tech 3 rider Bradley Smith is awaiting the results of an...

Rossi enjoys new chassis

Following testing in Brno, Valentino Rossi is excited about the new Yamaha...
4d ago from SuperSport.com

Popular On IndyCarToday.com

INDYCAR: Rahal pulls out last-lap win at Texas

Graham Rahal made a move on the third turn of the final lap to edge James...
5h ago from Racer.com

Rahal Nips Dominant Hinchcliffe for Texas Win

James Hinchcliffe dominated IndyCar's return to Texas, but a frantic...

Gateway returns after long absence to IndyCar

The Verizon IndyCar Series has confirmed the revival of Gateway in St...
5h ago from SpeedCafe.com

INDYCAR: Dixon tops short Texas practice

Chip Ganassi Racing teammate Scott Dixon and Tony Kanaan were the fastest...
10h ago from Racer.com

Popular On TotalWRC.com

Red Bull Global Rallycross season resumes in Atlantic...

Two new entries join the Supercar grid to produce a season-high of 13...
15h ago from Motorsport.com

Mikkelsen: It still felt like a victory

Fourth in Germany but Mikkelsen remains positive
1d ago from WRC.com

Lappi breaks silence over Toyota rumours

Talks have taken place at Toyota's rally base
4d ago from WRC.com

Germany driver report: part 2

Advertising Thierry Neuville (Hyundai i20) Result: 3rdA podium finish...
2d ago from WRC.com

Popular On GunnersToday.com

Pictures: Each and every confirmed Premier League done...

EXPRESS SPORT brings you right up to date with every single new arrival in...
1h ago from Express.co.uk

QUIZ: Can you work out the star player from their...

OW well do you know the careers of Premier League football stars?
4h ago from DailyStar.co.uk

'Unhappy' Liverpool Star Wants Arsenal Move

From being dangerously close to signing no striker this summer, Arsenal...
35m ago from AllArsenal.com

Arsene Wenger confirms £52m Arsenal double swoop as...

Arsenal boss Arsene Wenger has all-but ended the wait for new signings...
35m ago from CaughtOffside.com

Comments

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.