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Expanded set-off rights
HMRC Brief 31/08 issued on 26 June says:
'Set off where right to claim overdeclared tax is transferred
'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...
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