Overpaid Tax: Another Win for Compound Interest
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Compound Interest, Dispute, Fleming, HMRC, Investigation, Restitution, Straight to the Point, U.K. Tax, VATDismissing in its entirety an appeal brought by HM Revenue & Customs (HMRC), the Court of Appeal has confirmed that, in certain circumstances, EU law entitles taxpayers to claim compound interest on tax overpaid by mistake (Littlewoods Limited and others v The Commissioners for Her Majesty’s Revenue and Customs [2015] EWCA Civ 515). In the context of compound interest payable in connection with overpaid VAT, sections 78 and 80 of the Value Added Tax Act 1994 (sections 78 and 80) must be disapplied accordingly. Read more.
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