Inmarsat loses UK tax deduction case

Telecommunication company Inmarsat has lost a ruling over tax deductions it booked in the mid-1990s for the launch costs of some of its satellites.

A tribunal ruled in favour of the government, judging that no tax deductions were available for the launch costs, the company said in a statement on Wednesday.

Inmarsat said it had already booked provisions for the possible liability, which was currently estimated at approximately $100m plus interest, adding that it had not decided whether to appeal the ruling or not.

Inmarsat stock was down 0.62% as of 1155 BST on Wednesday at 604.40p.