British Gas Owner Centrica's Tax Appeal Dismissed by Supreme Court

Centrica, the FTSE 100 owner of British Gas, has lost an appeal against HMRC. The Supreme Court has dismissed an appeal by Centrica’s investment arm over the treatment of professional services fees. Centrica Overseas Holdings, the energy supplier’s investment entity, acquired a Dutch company, Oxxio and its four subsidiaries in July 2005. However, the deal didn’t go to plan. Around mid-2009, Centrica decided to sell Oxxio and went on to instruct professional advisers. By March 2011, following a lengthy process, the investment business…