A UK civil court has rejected Aberdeen Asset Management’s appeal against a £5.4 million tax bill after being found to have offshore tax-free money boxes, Evening Express has reported.
The firm has entered into the discounted options scheme for three years between 2000 and 2003, however in 2007, HM Revenue and Customs (HMRC) has issued notices over the issue.
Go deeper with GlobalData
Martin Gilbert chief executive of Aberdeen Asset Management upheld the cross-appeal brought by HMRC.
Evening Express quoted a company spokesman saying, "We are disappointed that the court’s decision has gone against us, but we welcome the fact that we can now draw a line under this issue.
"All amounts assessed by HMRC have previously been paid and the decision has no further financial impact on the Group," he added.
