Angus Monro, the fashion tycoon and former chief executive of Matalan, was dealt a crushing blow last week when the High Court ruled that even though he had overpaid £846,000 tax, he was not able to claim the sum back
The loss is expected to have repercussions for thousands of other tax payers
who have overpaid. Monro was making a claim for overpaid tax on 900,000 Matalan
shares he sold for £7.39m in 1999. He had acquired the shares for free under an
option in 1998, when they were valued at £3.12m.
In his tax return for 1998/99, Monro declared a gain of £3.19m and paid £2.1m
in tax. In 2003, however, it emerged that this amount had been incorrectly
calculated and he had overpaid.
In his judgment, chancellor of the High Court Sir Andrew Morritt said that,
according to the law, any claim for overpaid tax had to be made within 12
months, a window which Monro had missed.
Read the full judgment at
www.bailii.org
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