In Coin-a-Drink v HMRC [2015] UKFTT 495 (6 October 2015) the FTT dismissed an appeal against an assessment to corporation tax on a VAT repayment.
The issue was the ability of HMRC to impose a corporation tax liability on sums paid to Coin-a-Drink (CaD) by way of refund of overpaid VAT in the sum of £411 230 (‘the VAT repayment’) and associated interest in the sum of £949 452.14 (‘the interest payment’). Although it had been thought that these issues had been definitively resolved by Shop Direct [2014] EWCA Civ 255 this appeal had been pursued entirely on the basis of EU law arguments that had not been put forward in Shop Direct. Indeed the parties agreed that if the appeal was considered solely in the light of UK law it would fail (following the various decisions in Shop Direct).
CaD...
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In Coin-a-Drink v HMRC [2015] UKFTT 495 (6 October 2015) the FTT dismissed an appeal against an assessment to corporation tax on a VAT repayment.
The issue was the ability of HMRC to impose a corporation tax liability on sums paid to Coin-a-Drink (CaD) by way of refund of overpaid VAT in the sum of £411 230 (‘the VAT repayment’) and associated interest in the sum of £949 452.14 (‘the interest payment’). Although it had been thought that these issues had been definitively resolved by Shop Direct [2014] EWCA Civ 255 this appeal had been pursued entirely on the basis of EU law arguments that had not been put forward in Shop Direct. Indeed the parties agreed that if the appeal was considered solely in the light of UK law it would fail (following the various decisions in Shop Direct).
CaD...
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