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.
FTSE 250
19,884.73
17:14 28/03/24
n/a
n/a
FTSE 350
4,383.21
17:14 28/03/24
n/a
n/a
FTSE All-Share
4,338.05
16:50 28/03/24
n/a
n/a
Inmarsat
544.40p
07:56 04/12/19
0.00%
0.00p
Mobile Telecommunications
1,857.38
16:59 24/01/22
1.18%
21.66
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.