LONDON (Reuters) - Glencore (LON:GLEN)'s former head of oil has lost a legal battle with the British tax authority over nearly 150 million pounds of dividends paid out by the global commodities giant.
Alex Beard, who retired from Glencore in 2019, took legal action against HM Revenue and Customs (HMRC) over the tax rate on payments of 149.7 million pounds between 2011 and 2016.
HMRC said they should be subject to income tax rather than capital gains tax, which is lower. Beard's appeal against that decision was dismissed by the Upper Tribunal on Friday.
Beard could not be contacted for comment. A HMRC spokesperson said: "We welcome this decision, which confirms our understanding that these distributions should have been assessed for income tax."
Beard, one of former chief executive Ivan Glasenberg's top allies who helped make Glencore one of the world's top three oil trading houses, left the firm five years ago.