Formula 1 News

McLaren tax boost over 'spy' fine

A good part of the money paid as a consequence of the "spygate" scandal of 2007 will be tax deductible.
Friday, October 12, 2012

Yeongam, South Korea, Oct 12, 2012 (AFP) - McLaren have successfully argued in Britain that a 32-million-pound (now $50 million) fine they paid after a 2007 Ferrari spying controversy should be tax deductible.

The fine was imposed by Formula One's governing body, the FIA, after a dossier of Ferrari data was found in the possession of the McLaren team's then-chief designer Mike Coughlan.

McLaren argued that the fine was "connected" with their trade and should be exempt from corporation tax.

A spokesman for the Britain-based team said in South Korea, where the next race is held on Sunday: "McLaren Group is a successful UK company which provides high-quality employment and substantial tax revenue.

"In 2007, McLaren Racing Ltd was required to pay a penalty, following a breach of the International Sporting Code of the FIA.

"After consideration, a Government tribunal has found that such a contractual penalty is tax-deductible. As a UK-registered company, McLaren will continue to comply with all relevant legislation."

Your Comments

 

Formula 1 News

Wednesday, December 17, 2014

Ferrari confirms exit for Tombazis, Fry

Wednesday, December 17, 2014

Horner says Kvyat has 'Raikkonen mindset'

Monday, December 15, 2014

Nielsen named Williams sporting manager

F1plusStore

F1 Standings

Drivers
Teams
1 Lewis Hamilton 384
2 Nico Rosberg 317
3 Daniel Ricciardo 238
4 Valtteri Bottas 186
5 Sebastian Vettel 167
6 Fernando Alonso 159
1 Mercedes 701
2 Red Bull Racing 405
3 Williams F1 320
4 Ferrari 214
5 McLaren 187
6 Sahara Force India 152

View complete standings table »

F1plusStore

Last F1 Race

Abu Dhabi Grand Prix
Yas Island, Yas Marina Circuit
1
Lewis Hamilton
Mercedes
2
Felipe Massa
Williams F1
3
Valtteri Bottas
Williams F1
Fastest Lap

Daniel Ricciardo
1'44.496s

Pole Position

Nico Rosberg

View all »

 

Follow Us