Security firm G4S cannot set its parking fines against its tax bill, a tax tribunal has ruled. G4S Cash Solutions aimed to reduce its corporation tax bill by around £580,000, but the first-tier tribunal has ruled in favour of HM Revenue & Customs (HMRC) in rejecting the bid.
G4S incurred parking fines usually while delivering consignments of cash over the pavement. The firm claimed these were a business expense and so could be used to reduce its profits for tax purposes.
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