HMRC says Lords ruling won't affect charity VAT

By Helen Warrell, Third Sector, 12 September 2007

HM Revenue & Customs is contesting the argument that a recent House of Lords ruling means charities will be able to benefit by claiming more interest on backdated VAT rebates.

Earlier this year, the Lords ruled that commercial metals trader Sempra Metals had the right to claim compound interest, instead of simple interest, on refunds of previous payments of advanced corporation tax (Third Sector, 25 July). The decision was welcomed by charity accounting firm Saffery Champness, which said charities could...

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