Home News
News
Upper Tribunal rules against compound interest claim
Wednesday, 16 September 2009 12:18

The Upper Tribunal has issued its decision in the lead cases on the issue of the payment of compound interest where VAT is repaid to a taxpayer. HMRC argue that where a taxpayer receives a refund VAT Law only requires the payment of simple interest at the statutory rate; in these cases the taxpayers argued that they should have received compound interest.

The Tribunal ruled that although taxpayers had a right in principle to compound interest as a matter of EU law, UK statute does not oblige HMRC to pay compound interest on VAT repayments to taxpayers. A taxpayer seeking compound interest as commercial restitution would have to make this claim via a civil law claim in the High Court.

It is likely that these cases will be appealed and heard in the Court of Appeal where they may be joined with a case taken by a group of motor dealers seeking compound interest via a civil law claim, which was rejected by the High Court earlier this year on the grounds that the claims were out of time.
Last Updated on Wednesday, 16 September 2009 12:44
 
Cross Border Changes 2010
Friday, 19 June 2009 08:49

On 1 January 2010 important changes will be made to the rules regarding the cross border supply of services.  These are significant changes affecting both suppliers and customers.  Although 1 January may seem some time away, it is essential that all businesses ensure their systems will be able to deal with the new rules from the outset. 

Last Updated on Friday, 19 June 2009 09:01
Read more...
 
2009 Budget Focus
Wednesday, 22 April 2009 19:27
The Chancellor delivered his Budget today. For more detail on the VAT element of this budget please see the CVC 2009 Budget Focus.
 
Changes to partial exemption standard method
Thursday, 02 April 2009 09:13
HMRC have announced changes to the partial exemption standard method. These changes affect VAT returns submitted on or after 1 April 2009. More details can be found in our CVC VAT Focus on the subject.
Last Updated on Thursday, 02 April 2009 09:18
 
Golf Club Refund Opportunity
Wednesday, 11 February 2009 12:54

Background

A recent ECJ case, Canterbury Hockey Club, looked at the issue of the extent to which the sporting exemption applied to corporate bodies and unincorporated associations. In the course of deciding on that case the Court considered the general scope of the exemption as it applies to sporting bodies.

The opportunity

At present, under UK law, non-profit making golf clubs may only exempt their green fee charges to members of the club. However, the judgement in the Canterbury case indicates that it may not be possible for the UK to restrict the exemption in this way. This would allow the exemption to extend to green fee charges to non-members and would open up the opportunity for a refund of VAT.
Last Updated on Wednesday, 11 February 2009 13:04
Read more...
 
More Articles...
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Page 2 of 11

Main Menu

Newsletter Subscription