GE, U.K. Authorities Reach Settlement in $1 Billion Tax Dispute

Sept. 16, 2021, 3:06 PM

Britain’s tax authority and General Electric Co. have agreed to a settlement to end their $1 billion tax dispute.

Her Majesty’s Revenue & Customs has agreed to drop its lawsuit, which claimed that GE had committed fraud by misrepresenting its transactions with an Australian subsidiary in 2005, leading to big tax deductions that benefited the company.

GE had said in securities filings that the tax deductions could have an impact of about $1.1 billion.

Confirming the settlement in a statement to Bloomberg Tax, an HMRC spokesman said: “This is a good result for the U.K. taxpayer ...

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