'A new clause has been introduced into the Finance Bill currently before Parliament. The purpose of the new clause is to close off a potential avoidance opportunity that has arisen as a result of a recent judgment of the Court of Appeal.
'In HMRC v Midlands Co-operative Society [2008] EWCA Civ 305 the Court held that a right to make a claim for overpaid or overdeclared VAT can be transferred assigned or sold. Prior to this judgment HM Revenue & Customs (HMRC) had taken the view that only the person who had overpaid...
