UK court revives HMRC case over $4bn BlackRock loan

0
By Natalie Olivo (July 25, 2022, 6:07 p.m. EDT) – A UK appeals court has revived HM Revenue & Customs’ challenge to a $4 billion intercompany loan involving subsidiaries of global investment giant BlackRock Inc., finding that a court failed to properly consider whether unrelated companies would have agreed to the same transaction.

The first level court, the Tax Chamber, erred in finding that BlackRock Holdco 5 LLC, a UK subsidiary of US investment firm BlackRock Holdco 4 LLC, took out a $4 billion loan from its company American mother on arm’s length terms, according to the Upper Tribunal’s Judgment of July 19. Specifically, the lower court – called FTT – should not have considered hypothetical…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS

Share.

About Author

Comments are closed.