Commentary

RCB/14/09 VAT repayment claims and statutory interest—treatment for the purposes of direct tax

Part V16 Forms and other HMRC material

RCB/14/09 VAT repayment claims and statutory interest—treatment for the purposes of direct tax

RCB/14/09 VAT repayment claims and statutory interest—treatment for the purposes of direct tax

Revenue & Customs Brief, Issue 14. 20 March 2009

Background

A number of European Court of Justice Judgments in recent years have resulted in substantial repayments by way of overpaid VAT and Statutory Interest being made to traders for periods covering many years. HM Revenue & Customs (HMRC) has recently legislated to ensure that from 1 April 2009 VAT repayments arising from any 'new mistake of law decision' by the courts will be subject to a four year cap (increased from three years with effect from 1 April 2009). However, traders have up until 31 March 2009 to submit claims for periods as far back as the introduction of VAT in 1973 and it is anticipated that

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial