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Dedicated to the taxpayers of Britain, and the employees of Her Majesty's Revenue and Customs (HMRC), who have to endure the monumental shambles that is HMRC.
Wednesday, 16 September 2009
The Times has reported the result of the first adjudication issued by the new Upper Tribunal for Tax Matters.
Companies waiting to receive refunds from HM Revenue and Customs for VAT they overpaid because of errors made by HMRC will only receive simple interest on the debt in the first instance, instead of the compound ineterst that they have demanded.
The Upper Tribunal for tax matters said that although the businesses had the right to compound interest on their reclaims under EU law, UK statute did not oblige HMRC to pay it.
Instead, the businesses will receive simple interest from HMRC and have to bring a further claim in the High Court for that to be topped up to compound rates.
Thus wasting further time and money, as the companies will quite correctly claim something that is their right and will of course receive it.
Tax does have to be taxing.
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