One of Britain’s most famous retail names has lost a legal battle to recover £1.25 billion in interest on overpaid VAT after five Supreme Court justices unanimously dismissed the claim.
Well, yes, it’s a victory for HMRC.
But here’s the underlying point. No one at all doubts that HMRC took too much in VAT. The only question was which interest rate should apply to the repayment. The specific law said one low one, common law might indicate something higher. Without getting too complex about it, the lower one applies.
But I do wonder how you know who is going to regard this.