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.
Following recent issues with HMRC’s personal tax computation software, Brian Palmer of the AAT questions whether the government’s implementation timeframe for Making Tax Digital is realistic
The first phase of a process to restrict the amount of tax relief for residential landlords to the basic rate of tax will enter into force on April 6
Richard Le Tocq, head of Locate Guernsey, discusses the chancellor’s approach to high net worth individuals, and why relocation is increasingly attractive to HNWIs
The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform