Supreme Court refuses Blackrock’s appeal on tax relief of 2009 Barclays deal

cityam11-05

The highest court in the country refused to hear Blackrock’s appeal after it lost its case against the tax agency over its 2009 acquisition of Barclays Global Investors..A structure by the Blackrock ...

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Barclays deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 02:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/supreme-court-refuses-blackrocks-appeal-on-tax-relief-of-2009-barclays-deal/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The highest court in the country refused to hear Blackrock’s appeal after it lost its case against the tax agency over its 2009 acquisition of Barclays Global Investors..A structure by the Blackrock ...</p>\n\n<a href=\"https://www.cityam.com/supreme-court-refuses-blackrocks-appeal-on-tax-relief-of-2009-barclays-deal/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B64PRP62.GBP","symbol_name":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) 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Barclays Bank in December 2009.Blackrock acquired BGI for approximately $13.5bn , comprising $6.6bn in cash and the balance in shares in the asset manager giant.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4094":"服装零售","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4581":"高盛持仓","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","BLK":"贝莱德","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","BK4504":"桥水持仓","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc 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SGD","BK4588":"碎股"},"translate_title":"最高法院驳回贝莱德对2009年巴克莱交易税收减免的上诉","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BGI":1,"BLK":1},"content_text":"The highest court in the country refused to hear Blackrock’s appeal after it lost its case against the tax agency over its 2009 acquisition of Barclays Global Investors..A structure by the Blackrock Group, Blackrock Holdco 5, LLC, was the topic of a Court of Appeal hearing in March, as it sought to appeal a decision that sided with HMRC.The legal case stemmed from the structure used to acquire the North American investment management business of Barclays Global Investors (BGI) from Barclays Bank in December 2009.Blackrock acquired BGI for approximately $13.5bn (£10.4bn), comprising $6.6bn in cash and the balance in shares in the asset manager giant.\n\nBlackrock Holdco 5, LLC is Delaware-incorporated but it’s a UK tax resident company. It was used to issue loan notes to its parental entity in the Blackrock group totalling $4bn.The loan notes were issued in return for the loan Holdco 5 LLC received from its parent, Blackrock Holdco 4, LLC and were a form of intra-group financing.HMRC disallowed a tax deduction for LLC5, but its first challenge to the deduction failed at the First Tier Tribunal (FTT), as the FTT ruled that whilst there was a tax avoidance purpose for entering into the loan arrangement, there was also a commercial purpose.However, the tax agency appealed this decision to the Upper Tribunal, which sided with HMRC in 2022.\n\nBlackrock took this decision to the Court of Appeal, but in April, the court dismissed Blackrock’s appeal. Speaking at the time, a spokesperson for asset manager said it “has paid all of its UK corporation tax, including the payment some time ago of all tax due in relation to this matter”.The asset manager added that it was “closely evaluating our next steps”. Those next steps included trying to take this case to the UK Supreme Court. According to the Supreme Court’s decisions on October’s permissions to appeal, it refused Blackrock’s application on 13 October. The court reasons that permission to appeal was refused on the ground that the appeal does not raise an arguable point of law.\n\nCity AM approached Blackrock and HMRC for a comment.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481754176"}