BlackRock Inc (NYSE:BLK), the world’s largest asset manager, faced a setback in its appeal concerning the U.K. tax it sought to reclaim from HM Revenue & Customs on its $13.5 billion acquisition of Barclays Global Investors (BGI) in 2009.  The appeal revolves around a structure BlackRock established during the Barclays acquisition. Specifically, it concerns the U.S. part of the BGI business, acquired through a corporate structure involving a U.K. tax resident entity, LLC5, funded by $4 billion in loans from another BlackRock entity based in the U.S. The Court of Appeal’s decision marks the conclusion of a lengthy legal dispute. Initially, HMRC rejected the tax deductions, but the First-tier Tribunal ruled ...