HMRC Says GE Tax Talks Skipped Over Plan Details
Law360, London (July 1, 2019, 12:57 PM BST) -- The U.K.'s tax authority has refused to abandon attempts to claw back tax relief granted to several subsidiaries of General Electric for an overseas investment, telling a London judge that the units submitted misleading information about the transaction.
The GE Group units made it appear as though they qualified for a 2005 tax break, HM Revenue and Customs argued. But instead they misled the tax collector, according to documents filed with the High Court.
Six GE companies, including IGE USA Investments Ltd., GE Capital Investments and GE Capital Finance, have filed a counterclaim as they attempt to prevent HMRC from overturning tax breaks granted...
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