British Gas Owner Centrica's Tax Appeal Dismissed by Supreme Court

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British Gas Owner Centrica's Tax Appeal Dismissed by Supreme Court
British GasHMRCSupreme Court
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Centrica's bid to claim tax relief on professional fees incurred during an investment deal fails as the Supreme Court rules against the energy company.

Centrica , the FTSE 100 owner of British Gas , has lost an appeal against HMRC . The Supreme Court has dismissed an appeal by Centrica ’s investment arm over the treatment of professional services fees. Centrica Overseas Holdings, the energy supplier’s investment entity, acquired a Dutch company, Oxxio and its four subsidiaries in July 2005. However, the deal didn’t go to plan. Around mid-2009, Centrica decided to sell Oxxio and went on to instruct professional advisers.

Centrica Overseas Holdings first appealed the HMRC decision to the First-tier Tribunal, which found that most but not all of the expenditure was expenses of management, but dismissed the appeal on the basis that the expenditure was not incurred by the company. The investment business then appealed to the Upper Tribunal. The Tribunal allowed the appeal and found that all the expenditures in question were both business management expenses and revenue expenditures and, therefore, deductible.

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British Gas HMRC Supreme Court Tax Dispute Professional Fees Tax Relief Management Expenses Capital Expenditure Corporation Tax Act

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