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Test Claimants in the Franked Investment Income Group Litigation and others v HMRC

In Test Claimants in the Franked Investment Income Group Litigation and others v HMRC [2020] UKSC 47 (20 November 2020) the Supreme Court has unanimously allowed the appeal albeit for different reasons. The court has confirmed that s 32(1)(c) of the Limitation Act 1980 applies to claims for the restitution of money paid under a mistake of law. But in a departure from settled case law it has ruled that time begins to run from when the claimant could have recognised that it had a worthwhile claim not from when the true state of the law was established by a decision of a court of final jurisdiction.

The Supreme Court’s decision allows HMRC’s appeal in relation to long-running proceedings associated with the franked investment income (FII) group litigation (known as FIIGLO).

The test claimants contend that differences between the tax treatment of dividends received by...

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