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Lowdown
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9am Lowdown: Littlewoods, Practice Ignition & IFS

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30th May 2017
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Good morning and welcome back after the bank holiday weekend. This morning’s lowdown leads with Littlewoods’ £1.2bn claim for compound interest against HMRC.

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Littlewoods compound interest claim receives Supreme Court date

The long running dispute between HMRC and Littlewoods over interest payments on a tax refund has set a date at the Supreme Court for 3 July.

As reported in the Financial Times, Littlewoods’ 1.2bn interest claim is one of the largest placed against HMRC. Littlewoods has already received £250m of simple interest on the VAT refund. Bill Dodwell from Deloitte told the FT that other companies would be interested in the outcome. There are a lot of cases stacked behind this one,” he said.

The dispute over interest payments dates back 30 years.

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Practice Ignition receives $5m backing

Practice Ignition has secured $5m (AUS) backing from Australian venture capital funds Microequities Venture Capital Fund.

The practice management technology company said the funds would go towards “doubling down” on marketing and building further data analytics. 

According to Financial Review, Guy Pearson, the founder of Practice Ignition, said: "We built the platform as the source of truth for client relationships, now it's about what to do with the data, so we're building out the analytics and intelligence platform to help firms discover why certain things are happening," he said.

AccountingWEB has seen a lot of new players hit the cloud practice management scene. A handful of these PM software vendors recently showcased their kit in front of a panel of accountants - and this was the users' verdicts

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Election Lowdown: IFS scrutinises Labour and Conservative manifestos

The IFS has said neither the Conservatives nor Labour are being honest with taxpayers over their proposed economic changes.

According to the BBC, Carl Emmerson, the IFS deputy director, said Labour’s manifesto promises comes at a cost in higher taxes. “The pretence is that can all be funded by faceless corporations and 'the rich'”, he said. Emmerson said Labour’s plans raise £49bn from the wealthiest would raise £40bn at the most.

Meanwhile, the Conservatives’ double lock pledge on the state pension and means test winter allowance fuel payments would only represent a “very modest change”. The IFS said the Conservatives’ welfare cuts would significantly cut incomes of the poorest working age households. 

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