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.
Drastically fewer offices for HMRC in the hope to reduce their running costs
Tayabali Tomlin and d&t directors launch £20 a month TaxGo service, aiming to be the 'biggest UK firm' by client numbers
Companies must report on their complex financial structures including offshore accounts and notify HMRC
An examination by the Public Accounts Committee (PAC) has revealed serious concerns relating to HMRC’s plans