Heritage loses Uganda spat

HERITAGE Oil has lost a $404m (£261m) tax row in Uganda after the east African country's tax authority ruled it was liable to pay a disputed capital gains bill.

But Heritage said the ruling was “fundamentally flawed” and that it would look at its options for appeal through the courts and arbitration.

The dispute centres on tax claimed by the government on the $1.45bn Heritage made from the sale of its Ugandan assets to UK-based Tullow Oil last year.

Shares in Heritage fell 5.6 per cent yesterday.