BP attempts to reclaim £300m from the taxman
Energy giant begins action to recover stamp duty reserve tax on acquisition of ARCO
OIL GIANT BP has filed a writ at the High Court seeking the return of £300m from the taxman over tax it claims should not have been paid.
BP claims it should not have paid the 1.5% stamp duty reserve tax on the purchase of retail group ARCO in 1999 for £17bn. The tax was paid on the issue of new shares as part of the takeover.
The writ reveals that BP wants the repayment of £186m in tax, plus £96m in interest and compensation.
The case follows a 2009 victory for HSBC in the European Court of Justice over the same issue.
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