McLaren 'spy' fine tax deductable McLaren have successfully argued in Britain that a 32-million-pound (now $50 million) fine they paid after a 2007 Ferrari spying controversy should be tax deductible. The fine was imposed by Formula One's governing body, the FIA, after a dossier of Ferrari data was found in the possession of the McLaren team's then-chief designer Mike Coughlan. McLaren argued that the fine was "connected" with their trade and should be exempt from corporation tax. A spokesman for the Britain-based team said in South Korea, where the next race is held on Sunday: "McLaren Group is a successful UK company which provides high-quality employment and substantial tax revenue.
"In 2007, McLaren Racing Ltd was required to pay a penalty, following a breach of the International Sporting Code of the FIA.
"After consideration, a Government tribunal has found that such a contractual penalty is tax-deductible. As a UK-registered company, McLaren will continue to comply with all relevant legislation."
Copyright 1999-2016 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without