GE Hits Back At HMRC Suit Over Disclosure To Undo Tax Deal

Law360, London (April 26, 2019, 6:09 PM BST) -- The U.K. tax authority’s legal action against several GE Group units to rescind a 2005 tax relief deal is “fundamentally wrong” and misplaced, the conglomerate and its financial subsidiaries said as they filed a counterclaim against the tax authority to keep two agreements propping up the deal in place.

Six GE companies, including IGE USA Investments Ltd., GE Capital Investments and GE Capital Finance, have denied allegations from HM Revenue & Customs that they misrepresented their corporate arrangements and omitted key information during talks that led to the tax deal.

The firms have also filed a counterclaim against the tax authority,...

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