12:39 PM EDT, 04/11/2024 (MT Newswires) -- BlackRock ( BLK ) lost an appeal related to the deductibility for UK tax purposes of interest payable on $4 billion of intra-group loans put in place in connection with its acquisition of Barclays Global Investors in 2009, according to a UK Court of Appeal decision Thursday.

The court ruled in favor of His Majesty's Revenue & Customs, which had said that BlackRock's ( BLK ) claim to deduct should be denied because the only purpose of the relevant loans was to secure a tax advantage.

The First-tier Tribunal decided in 2020 that the interest was deductible, while the Upper Tribunal ruled in favor of HMRC in 2022.

"BlackRock ( BLK ) has paid all of its UK Corporation tax, including the payment some time ago of all tax due in relation to this matter," the company said in an emailed statement to MT Newswires. "The purpose of this hearing relates to the operation of a specific point of tax law. Following the Court of Appeal's judgment, we are closely evaluating our next steps."

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