Introduction
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The CJEU decision on Littlewoods (C-591/10) is highly anticipated as it may result in a multi-million pound rebate from HMRC to many businesses.
This lead case will decide whether HMRC is entitled to pay simple interest on repayment of VAT or if the overpaid tax is subject to compound interest. In January, Advocate General Trstenjak advised the CJEU that reimbursement with simple interest is compatible with EU law as it provides ‘adequate compensation’ for the loss of the use of money and as ‘no more generous remedy’ is available in relation to overpayment of other taxes. This advice is not binding and CJEU is still to make the decision.
The final decision will be very carefully watched as Accountancy Age estimates that there are around 10,000 pending cases in the UK’s First-tier Tax Tribunal, accounting to half of all claims for businesses claiming compound interest rates.
Webinar details
Live Broadcast date:
Thursday 14 June 2012
15:30:00
Location:
At your desk
On your Laptop or PC
Event price:
£89
For information on multi-user discounts visit the Delegate Information tab above
2
CPD
Hours
