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

Lorenzo says Red Bull Ring's Turn 2 "very...

Jorge Lorenzo has voiced concerns with the Red Bull Ring’s Turn 2 ahead...
16h ago from Motorsport.com

Opinion: Rossi screw-up ends title chances?

To call Sunday’s MotoGP race an unmitigated disaster for the factory...

Moto2: Zarco and Binder among riders sampling Red Bull...

Reigning Moto2 world champion Johann Zarco and Moto3 championship leader...
22h ago from MotorcycleNews.c...

Moto2: Who the hell is Luca Marini?

It’s not always the step up in racing to be a member of one of the...

Popular On IndyCarToday.com

Dean Stoneman to test for Andretti at IndyCar Watkins...

British driver Dean Stoneman is one of three drivers confirmed to test...
13h ago from GrandPrixTimes.c...

INDYCAR: Schmidt expects both drivers back in '17

Sam Schmidt expects to keep Schmidt Peterson Motorsports' full-time...
12h ago from Racer.com

INDYCAR: Stoneman 'going to enjoy' WG test

Dean Stoneman will make his IndyCar test debut with his Indy Lights squad...
14h ago from Racer.com

Enerson ready for IndyCar debut at Mid-Ohio

RC Enerson is ready to get going as he makes his Verizon IndyCar Series...

Popular On TotalWRC.com

SS1: Honours even after Finland opener

Huge crowds pack Neste Rally Finland opener
11h ago from WRC.com

Finland WRC: Mikkelsen and Tanak share first place in...

Volkswagen's Andreas Mikkelsen and DMACK driver Ott Tanak set identical...
11h ago from Motorsport.com

Tanak spurred on by Poland near miss

Estonian steps up his preparations
18h ago from WRC.com

Latvala tops Finland shakedown

Volkswagen closes out top three times
19h ago from WRC.com

Popular On GunnersToday.com

Arsenal boss: What I thought of our new signing’s...

GETTY Arsenal boss Arsene Wenger was impressed with Rob Holding The...
2h ago from Express.co.uk

MLS All-Stars 1-2 Arsenal - Report

Akpom comes off the bench to score late winner as Arsène Wenger's side...
3h ago from Arsenal.com

Arsenal v MLS All Stars: Confirmed Starting Line-ups...

Arsenal take on the MLS All Stars tonight as part of their pre-season US...
6h ago from CaughtOffside.com

Arsenal line-up: Arsene Wenger hands debut to new...

GETTY DEBUT: Rob Holding Arsenal: Cech, Debuchy, Holding, Bielik, Gibbs,...
6h ago from DailyStar.co.uk

Comments

Hottest News

James Allison linked with a potential move to McLaren F1

James Allison left Ferrari after a falling out... Read More »
20h ago from ThisIsF1.com

McLaren duo criticise ‘illegal’ Verstappen moves

Fernando Alonso has labelled Max Verstappen's... Read More »
12h ago from F1i.com

No HALO, no safety car starts

According to reports, there have been a few... Read More »
2h ago from Formula1Blog.com

Recent News

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.