HMRC Overtakes McLaren on Appeal

    August 2014
    McLaren Racing is pretty used to success. After all, it is the third most successful Formula I team of all time, with eight constructors' championship titles to its name. Its 2012 appearance at the First Tier Tax Tribunal saw it pip HMRC to the chequered flag when the judge permitted McLaren to deduct a £32 million fine (incurred for its part in "Spygate") from its taxable profits. However, 2014 is proving to be a little more challenging – at the time of writing, the team languishes in sixth position in the constructors' championship and, in HMRC v McLaren Racing Ltd,' HMRC has had McLaren's 2012 victory overturned on appeal.