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Littlewoods VAT court win leaves HMRC with £1.2bn bill

Accountancy Age

LITTLEWOODS has won a VAT dispute with HM Revenue & Customs in the High Court, a ruling set to cost the taxman more than £1bn. The retailer contested HMRC should pay it compound interest on VAT overpayments that it made between 1973 and 2004. HMRC had paid simple interest on the overpayment refunds, resulting in a much smaller payment. Despite HMRC paying simple interest on the overpayment refunds – resulting in…

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