TAXATION
Customs wins #25m BS case, reports Jon Bunn
Customs wins #25m BS case, reports Jon Bunn
British Steel has lost its bid to recover #25m in excise duty paid to Customs & Excise over a five-year period.
Customs hailed the High Court decision as an ‘important victory’ for the public purse ending a legal wrangle that stretched back to 1969.
British Steel argued that relief was due on duty charged on heavy fuel oil burnt in its blast furnaces between 1988 and 1993. The company, which bought oil at prices which included excise duty until the law was changed in 1994, had its appeal restricted to a six-year period.
Legal experts from both sides based their claims on whether the oil was used for creating heat or as part of the chemical reaction taking place in the furnace. But the court agreed with Customs’ interpretation of the law that, as the oil was burnt in a furnace and created heat, no relief was due under the Hydrocarbon Oil Duties Act 1979.
A Customs spokesman said the dispute arose due to differing tax treatment of heavy fuel oil around Europe prior to 1994. ‘The European Commissioners clarified the position in 1994 when they allowed relief from excise duty on oil used in such furnaces by extra statutory concession,’ he said.
‘But prior to that we had no option but to deny relief. The position is now the same for all European steel producers.’
The numbers you crunch tell a story. Your expertis...
26yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View articleSteven Pinhey, technical officer at the Association of Taxation Technicians (ATT), considers how the rules on deductible expenses work in a social med...
View articleATT technical officer, David Wright, considers the implications of HMRC’s decision to remove employees with income between £100,000 and £150,000 from ...
View articleThis was the fourth largest borrowing year since records began in 1993 Read More...
View articleATT technical officer, David Wright, provides an overview of the welcome relaxation to CGT provisions for separating couples looking to transfer asset...
View article