BlackRock $4B Loan Wasn't Solely Tax Avoidance, UK Court Says

Law360 (November 5, 2020, 7:43 PM EST) -- A British tribunal has allowed an appeal by a subsidiary of global investment giant BlackRock Inc., agreeing that a $4 billion intercompany loan was not solely motivated by tax avoidance.

In a decision issued Tuesday, the First-Tier Tribunal, Tax Chamber allowed an appeal for BlackRock Holdco 5 LLC, a British subsidiary of the U.S. investment company. The holding company was created in 2009 to finance an acquisition of Barclays Global Investors, a blockbuster merger made at the height of the global financial crisis.

BlackRock Holdco 5 LLC borrowed $4 billion from its U.S. parent company, BlackRock Holdco 4 LLC, creating payments...

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