TaxCorporate TaxTaxman’s VAT defeat boosts Labour’s books

Taxman's VAT defeat boosts Labour's books

Labour's books boosted by £2m after HMRC's lost VAT case

Labour’s accounts have been boosted by a £2m VAT repayment, after the
taxman’s defeat earlier in the year in the
Conde Nast/Fleming
case
.

Treasurer Jack Dromey, in a report to the party’s Brighton conference, said
the party’s books “demonstrate the continued improvement in our financial
position”.

He attributed the boost partly to HM Revenue and Customs’ defeat in the Conde
Nast and Fleming case which netted the party £2.1m in overpaid VAT blocked by
illegal capping – on top of previously reclaimed £1.7m.

A deal was also struck with unsecured lenders to repay £11m at £2m a year, of
which the first £1m has been handed over.

The party’s income was up £2m million to £34m in 2008, with total expenditure
of £26m leaving a surplus of nearly £8m, reduced to just under £4m by pension
fund losses. Net liabilities are £12m, down from £16m the previous year.

Further reading:

Lords ruling on VAT claims favours
businesses

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