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....

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