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Leave to appeal in VAT restitution case

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The Supreme Court has granted leave to appeal to both the taxpayers and HMRC in the case of Investment Trust Companies v HMRC involving a VAT restitution claim where investment trusts are seeking VAT refunds from HMRC that were wrongly charged by the managers of the trusts. The Court of Appeal decided that the capping provisions did not apply and they were limited to the net VAT paid to HMRC by the managers. The Supreme Court will now decide whether any sums payable to the trusts should take account of input VAT claimed by the managers at the time on fees charged to the trust and the time limits for making such claims. For report of the decision of Court of Appeal, see Tax Journal, Issue 1251, at www.bit.ly/1MC0s00.

Issue: 1275
Categories: News , VAT
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