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
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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children