Taxman May Face Pounds 100m Unpaid Vat Bill After Court Judgment

Summary

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The taxman was facing a potential pounds 100 million bill for overpaid VAT following a judgment by the Law Lords yesterday.

In a case involving magazine publisher Conde Nast, the Lords rejected an appeal by HM Revenue & Customs (HMRC) against a ruling that a threeyear limitation period imposed on businesses making back claims for overpaid tax was ineffective.

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Extract

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Taxman May Face Pounds 100m Unpaid Vat Bill After Court Judgment

The Court of Appeal had ruled that the Government's introduction of the time limit wh...

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