£115m: That's Asda's price in battle with HMRC
Asda's £115m payment is tax neutral because parent company Walmart will claw back the tax in the US
Asda has settled a £115m tax battle with HM Revenue & Customs after the
supermarket chain claimed deductions on excessive royalties paid to its
However, the payment is tax neutral because parent company Walmart will claw
back the tax in the US,
Daily Telegraph reported.
The tax charge was revealed in Asda’s 2009 results, filed yesterday at
Asda said the tax correction was a one-off issue and followed talks with US
and UK tax authorities over several years.