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    Former Matalan boss loses bid to reclaim £1m

    Former Matalan boss loses bid to reclaim £1m

    Overpaid sum will not be returned by HMRC

    Author Date published February 2, 2007 Categories

    Multi millionaire
    Angus
    Monro    , the former chief executive of clothing store
    Matalan, has lost his bid to reclaim £1m
    accidentally overpaid to HM Revenue &
    Customs    .

    Munro asked for the money to be returned, but HMRC refused to return it.

    Yesterday, a High Court judge confirmed the taxman’s decision.

    Furthermore Munro was also ordered to pay more than £10,000 in legal costs.

    The dispute dates back to 1998 when he exercised an option to acquire more
    than 1.3 million shares in Matalan – then valued at £2.35 a share – for nothing-
    advise from his accountant subsequently revealed that he had paid nearly a £1m
    too much in taxes on the deal.

    Monro’s only right of appeal is to the special commissioners. According to
    reports, Monro has shrugged off his loss – he has a £30m fortune, but the
    verdict could set a precedent for other people trying to reclaim overpaid tax.

    Further reading:

    Online glitch hits taxpayers

    Directors’ affairs quizzed in corporate tax probes

    Taxman relaxes online filing deadline

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