Littlewoods victory in £1.2bn tax battle

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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...

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thats is a result
What the grounds for appeal are good knows

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"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.

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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.

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

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