This content is from: United Kingdom

McLaren loses £9 million tax relief claim

Formula 1 racing team McLaren has lost its claim, regarding a £32 million ($54.5 million) penalty fine imposed against it by the sport’s governing body, which it believed should be tax deductible in the UK. The decision of the Upper Tribunal in London underlines the UK authorities’ view that most fines are not deductible against trading income.

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