Littlewoods victory in £1.2bn tax battle | AccountingWEB

Littlewoods victory in £1.2bn tax battle

A high court judge has ruled in favour of Littlewoods in a long-running tax dispute with HMRC dating back more than 30 years.

The home-shopping business, owned by Sir David and Sir Frederick Barclay, won its £1.2bn claim over receiving compound interest on improperly collected VAT.

Following the ruling [Littlewoods Retail v HMRC], Littlewoods said: “The judgment provides a clear and robust resolution to complex issues raised by English and European law.”

It also means HMRC could be...


» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.


thats is a result

carnmores | | Permalink

What the grounds for appeal are good knows

ireallyshouldknowthisbut's picture

.    1 thanks

ireallyshouldkn... | | Permalink

"we cant afford it" me thinks.

Presumably this also means all other claims for interest are now also 'up for grabs' ?

How about interest paid on late debt? That is always simple interest too.

I think a retrospective    1 thanks

ted.henderson | | Permalink

I think a retrospective change in the law is required before the country is bankrupted and today's taxpayer is asked to foot the bill for a historic cockup.

nogammonsinanundoubledgame's picture

Interest is presumably calculated annually

nogammonsinanun... | | Permalink

on a 1st April to 1st April basis
[Edit] Oh, oops, I see it was posted on 31 March