Advisers could profit from the Condé Nast ruling, lawyers have suggested, as many have conditional fee arrangements set up dependent upon it.

'This litigation has been running for many years. The decision will be welcomed by the many professional advisers who took a stake in the outcome of the case by agreeing contingency fees for processing taxpayers' claims, ' said Jason Collins, partner at McGrigors.

'This fee income will provide a welcome windfall at a time when the prospects for professional services in the short term are looking uncertain.'

The House of Lords ruled unanimously in the publishing company's favour this morning, in a case over time limits on VAT repayment claims.

Further Reading:

Condé Nast wins landmark VAT case