UK Appeals Court Rules Against Oil Company On Tax Refunds

Law360 (February 18, 2021, 12:42 PM EST) -- A North Sea oil producer carrying back past losses must offset prepaid tax credits not entitled to interest instead of taxes paid on income, a U.K. appeals court has ruled, finding for HM Revenue & Customs.

The advance tax credits, made between 1983 and 1986, would have carried forward in the event of an offset and were not refundable after 1987, the Court of Appeal said Wednesday in rejecting MCX Dunlin (U.K.) Ltd.'s claim for £422,000 ($589,000). The case, brought by MCX, involved tax payments Shell and Esso made for North Sea drilling activities before selling their interests to MCX, according to court documents....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related Sections

Companies

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!