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Top UK Court Orders Lehman Administrators To Pay Tax Bill

Law360, London (March 13, 2019, 12:46 PM GMT) -- Administrators of Lehman Brothers' European trading arm must pay a tax bill to HM Revenue and Customs on billions of dollars in statutory interest accrued on debts owed to creditors, Britain’s highest appellate court said Wednesday.

The Supreme Court said a lower appeals court was correct when it ruled that the joint administrators for Lehman Brothers International (Europe) Ltd. must pay tax to HMRC on £5 billion ($6.6 billion) of interest on the debts owed to creditors after the U.S. investment bank collapsed in 2008.

Administrators of the failed bank generated an unprecedented surplus in the region of £7 billion. It...

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