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UK Tax Authority Sues GE To Undo Deal Over Misrepresentations

Law360, London (March 8, 2019, 9:24 PM GMT) -- Britain's tax authority has sued several GE Group units in a bid to rescind a 2005 tax relief deal with the conglomerate and its financing subsidiaries because the companies allegedly misrepresented their corporate arrangements and omitted key information during the talks.

Her Majesty’s Revenue & Customs has sued six GE companies, including IGE USA Investments Ltd., GE Capital Investments and GE Capital Finance. The tax authority said it would not have signed off on the settlement and granted the tax deductions had the firms been straightforward and given full disclosure about an investment that the company was making in Australia....

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