{"id":43846,"date":"2014-06-18T10:34:44","date_gmt":"2014-06-18T10:34:44","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=77a416b2b2feb4d6eac6e52acdc92930"},"modified":"2014-06-18T10:34:44","modified_gmt":"2014-06-18T10:34:44","slug":"news-story-court-rules-theres-no-tax-relief-for-mclaren-fine","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=43846","title":{"rendered":"News story: Court rules there&#8217;s no tax relief for McLaren fine"},"content":{"rendered":"<div class=\"govspeak\">\n<p>McLaren took legal action after HM Revenue and Customs (<abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>) disagreed that it could deduct the fine in computing its taxable profits. However, a tax tribunal has now supported <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>\u2019s view.<\/p>\n<p><abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>\u2019s Director General of Business Tax, Jim Harra, welcomed the ruling:<\/p>\n<blockquote>\n<p>We\u2019re 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.<\/p>\n<p class=\"last-child\">This case shows that we won\u2019t hesitate to go to court to make sure the right tax is paid.<\/p>\n<\/blockquote>\n<p>The \u00a332 million penalty was imposed on McLaren by the sport\u2019s governing body, the F\u00e9d\u00e9ration Internationale de l\u2019Automobile (<abbr title=\"F\u00e9d\u00e9ration Internationale de l'Automobile\">FIA<\/abbr>), in 2007 for breaching its International Sporting Code.  <\/p>\n<p>A First-tier Tribunal ruled the penalty was tax deductible. However the Upper Tribunal has now supported <abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>\u2019s appeal against that decision by ruling the penalty was not incurred wholly and exclusively for the purposes of McLaren\u2019s trade and so was not an allowable deduction for tax. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Formula 1 racing giant McLaren has lost its claim that a \u00a332 million fine imposed against it by the sport\u2019s governing body should be tax deductible.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/43846"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43846"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/43846\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}