No luck in court for McLaren McLaren have lost a claim that a record £32 million ($51.33 million) fine the Formula One team paid after a 2007 spying controversy should be tax deductible. Britain's Revenue and Customs (HMRC) said in a statement on Wednesday that an Upper Tribunal, a superior tax court, had ruled in their favour, overturning a 2012 ruling at a first tier hearing that found for McLaren. '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 against trading income,' said Jim Harra, HMRC Director General of Business Tax. McLaren had argued that the fine, originally set...
Full Story »