Sir Keith Mills hit by £13million tax bill
Sir Keith Mills has lost a dispute with HM Revenue and Customs after a tax tribunal ruled his original America’s Cup venture – Team Origin – was not intended to be a profit-making business.
The decison means Sir Keith cannot claim the losses made by Team Origin. This means Sir Keith has been hit with a £13 million bill…
According to yesterday’s Financial Mail, Sir Keith originally told the tax tribunal he had been interested in building a ‘profitable sporting business that could provide a financial return’.
However, HM Revenue & Customs argued the tax relief Sir Keith had already recieved should be returned because Team Origin was not set up as a trading company.
