UK judges approved a former BP Group subsidiary’s appeal, overturning a lower court’s £167 million ($222 million) tax-related charge.
The Upper Tribunal granted CATS North Sea Ltd.’s appeal of a 2024 First-tier Tribunal ruling upholding His Majesty’s Revenue and Customs assessment.
The lower court made a “clearly material” error in statutory interpretation,” Judges Swami Raghavan and Ashley Greenbank said in their Tuesday decision.
The dispute revolves around which provisions in the Corporation Tax Act 2010 are relevant in determining a balancing charge CATS owed following a restructuring with another BP Group company, Amoco (U.K.) Exploration Co. LLC.
Balancing charges ...
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