In its recent judgment in Investment Trust Companies (in liquidation) v Commissioners for HMRC [2015] EWCA Civ 82, the Court of Appeal in London found that investment trust companies (ITCs) could recover from the UK revenue authority, HMRC, the amount of the VAT they paid to their managers, who then paid it to HMRC, in each period claimed. However, they could not recover from HMRC the amount of any input tax set against their managers’ VAT liability. Instead, ITCs now must bring separate claims against their managers for these amounts.
Unlock this content.
The content you are trying to view is exclusive to our subscribers.
The newly launched Tax Responsibility and Transparency Index will assess the ethicality of companies’ tax practices against global standards and regulations
Law firms that pay close attention to their client relationships are more likely to win repeat work, according to a survey of nearly 29,000 in-house counsel
Luis Coronado suggests companies should embrace technology to assist with TP data reporting, as the ‘big four’ firm unveils a TP survey of over 1,000 professionals