BusinessBusiness RecoveryPwC chases HMRC for $250m Lehmans tax

PwC chases HMRC for $250m Lehmans tax

Big Four firm is grappling with HMRC to reclaim corporate tax after the collapse of Lehman Brothers Europe

Administrators from PwC are aiming to claw back $250m (£161m) in corporation
tax from HM Revenue & Customs.

The team is fine-tuning a plan to streamline the UK Lehman Group’s tax
position in efforts to achieve their goal.

“The tax function is working towards optimising the tax position of the UK
Lehman Group with the purpose of securing a repayment of [around] $250m of UK
Corporation tax during 2010,” administrators said in their latest report to
creditors.

PwC has already secured a $27m repayment from the taxman for corporate tax
paid between 1998 and 2003.

But it has not all been one-way traffic.

To date, the PwC team has also handed over $150m in employer and
employee-related National Insurance and PAYE to the taxman. $35m in
irrecoverable VAT has also been paid back to HMRC, PwC added.

Further reading:

PwC’s
Lehmans fees top £210m

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