UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)

Question 3 (“Q3”) was follows:

“Mr Beauchamp: Did you know how the fee was calculated?

Mr Kalaris: I don’t, no. I can tell you how we think about these things commercially, I don’t know how this specific fee was calculated.

Mr Beauchamp: Well, that would be helpful.

Mr Kalaris: We’d look at what is the opportunity set in the region. We’d look – what is the opportunity. We look at whether our, what is our, what is our product. We’d look atfor the region. We look at what is our - how well are our competitors doing, we’d say what is a reasonable sum of money that we think we could return over time in this region and how much when you back that out, how much will you be willing to pay for it in the context of the, the region, the explosion in what was going on with oil prices at the time, the position and the promise of the Qataris, 40 million a year for that, for that sponsorship. I think the calculus would have been quite clean and simple.”