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Compound Interest in VAT Cases

Edmund King and David Scorey Essex Court Chambers provide an overview of the debate on VAT and compound interest
Interest is far from simple
In recent years Whitehall and the machinery of government have been reformed in various ways to make them more American: ratification of appointments scrutiny by committees of the elected representatives monetary policy delegated to politically neutral experts. At least in terms of the issue of interest payable to taxpayers HMRC appears to be ahead of the game and thoroughly American. As the half-American Churchill explained America can be relied upon to do the right thing — having exhausted all other options. This is where we seem to be on compound...

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