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.
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