Racing team McLaren has lost its claim for tax relief on a £32m penalty for spying on Ferrari, a rival Formula One motor racing team.
The upper-tier tribunal overturned a 2012 ruling by the first-tier tribunal in favour of McLaren that the 2007 fine could be offset against tax.
The fine in 2007 was made by the sport’s governing body, the Fdration Internationale de l'Automobile (FIA), for breaching its International Sporting Code.
But the upper tribunal ruled that the fine was not an allowable deduction because
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.