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Compounding the Problem!
The Treasury's main concern is not the legal argument, but the potential cost to the public purse. If Littlewoods are successful, many other claims will be submitted. The sums will be into billions.
The same has to be said for the take-away food case, due to be heard at the Upper Tier Tribunal next week. The cost of the Treasury will also be measured in billions if the taxpayer is successful.
On the other hand, they could charge compound interest on late payment of tax, based on the same principle, and that would make them a lot more money than they stand to lose.
We're all in this ...
"The cost of the Treasury will also be measured in billions if the taxpayer is successful."
Didn't you mean to say "... if the hard-working taxpayer is successful."
@jon...
yep you can't help feeling that with the boot on the other foot and an effectively 'interest free' loan by hmrc to all the numerous companies who fail to pay corp tax/paye etc on time then i am not sure they will be so eager to argue that compound interest should be charged.
Breadline
I think the government should send them to bed without any jam and bread tonight
need the funds
littlewood clearly need some funds...
sooner littlewoods goes under the better imo
Interest
Littlewood received £268.2m interest on overpaid VAT. My understandinf is that HMRC would not pay any "interest" on overpaid VAT but it would be "Ex-Gratia" payment and so the compund element is not applicable.