£1 Billion At Stake - Taxpayer wins compound interest on overpaid VAT

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The High Court (Henderson J) handed down its decision on 28 March 2014 awarding the mail order and retail company, Littlewoods Retail Limited, compound interest on sums of overpaid VAT that had originally been reimbursed to it by HMRC with simple interest. Littlewoods' claim is estimated at in excess of £1 billion, representing interest on repaid sums going back many decades. Littlewoods are by no means alone in this matter and thousands of similar claimants have had their claims stood behind this main action. Several hundred such claimants are represented by DLA Piper UK LLP.

THE JUDGMENT -

The judgment, described by Henderson J himself as "a long and twisted journey", has culminated in a comprehensive defeat for HMRC, who it must be said used every conceivable defence to the claim.

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Topics:  HMRC, International Tax Issues, UK, Value-Added Tax

Published In: Civil Remedies Updates, General Business Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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