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 »
1y 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...
1y ago from GrandPrix247.com

McLaren lose spy fine tax battle

McLaren's spygate fine from back in 2007 is not tax deductible, according...
1y 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...
1y ago from GrandPrix247.com

Beating Vettel says a lot about Ricciardo

While the Mercedes duo tussle for title spoils, a very different battle is...
1y ago from GrandPrix.com

Elsewhere On The Network

Popular On MotoGPToday.com

Home Heroes: The British are coming

Britain have not had a World Champion since Barry Sheene in 1977, but...
57m ago from MotoGP.com

Rossi: “I didn‘t feel very well on the bike”

Valentino Rossi struggled on the opening day of practice at the Octo...
16h ago from MotoGP.com

Iannone to use new engine for Sunday's race

Andrea Iannone powered his way to eighth position on the first day of...
2h ago from Crash.net

Redding talks Pramac offer, has until Sunday to make...

Scott Redding acknowledged that he needs to make a decision on his future...
2h ago from Crash.net

Popular On IndyCarToday.com

IndyCar: Rahal, eBay preparing to launch massive...

The volume of domestic and international support for the wife and...
3h ago from Racer.com

IndyCar ace Andretti eyes future F1 drive

Marco Andretti has admitted he still has ambitions to race in Formula 1,...

IndyCar: Power tops test day at Sonoma

Will Power topped the times on in the three-and-a-half hour promoter test...
7h ago from Racer.com

IndyCar: Q&A with Sage Karam

Verizon IndyCar Series rookie Sage Karam said that nothing in the onboard...
10h ago from Racer.com

Popular On TotalWRC.com

Meeke: 'I have to continue working'

Brit counting on an error-free Australia
21h ago from WRC.com

F1 ace Jenson Button tests Mini and VW Beetle...

Formula 1 star Jenson Button tested rallycross cars at Lydden Hill today...
2d ago from Motorsport.com

Lefebrve handed second Citroen WRC outing

Stephane Lefebvre has been handed his second opportunity in the WRC with...
20h ago from Crash.net

Loeb says WRC return not in his plans

Sebastien Loeb says that a return to the WRC is not part of his plans,...
1d ago from Motorsport.com

Popular On GunnersToday.com

2015/16 Champions League group stages: 5 key fixtures...

Champions League nights will return to Old Trafford as Manchester United...
2h ago from SportsKeeda.com

Can the same team take three points? – Newcastle...

As we head towards the first Interlull of the season, a trip to Newcastle...
1h ago from Arseblog.com

LINE UP PREDICTION : Newcastle United's Strongest XI...

Team prediction ahead of the Premier League clash between Newcastle...
4h ago from Nastytackle.com

Newcastle United vs Arsenal: Preview and Predicted...

After balancing the tally to make it W 1 D 1 L 1, Arsenal travel to...
5h ago from ArsenalFever.com

Comments

comments powered by Disqus

Hottest News

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.