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Glencore Puts HMRC’s £264mn Tax Demand on the Clock
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Subscribe29 SEP 2026 / ACCOUNTING & TAXES
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The £264 million ($352 million) tax battle between commodities giant Glencore and HM Revenue & Customs (HMRC) is hinging on whether HMRC missed the deadline in issuing diverted profits tax notices. If the court rules in Glencore's favor, the tax demand could be declared invalid, impacting the larger £1.6 billion ($2.1 billion) dispute over how Glencore structured parts of its UK and Swiss operations to allegedly artificially reduce the amount of profit taxable in Britain.
A £264 million tax fight may come down to one surprisingly simple question: Did HMRC miss the deadline? Glencore says it did. The commodities giant is challenging diverted profits tax demands covering 2019 and 2020, arguing that HM Revenue & Customs i...
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