Debenhams has been refused leave to appeal in its case with HM Revenue &
Customs over card handling.
The House of Lords appellate committee has turned down a request to appeal,
meaning the Court of Appeal’s judgment in favour of the Revenue will now stand.
Debenhams had set up a card-handling subsidiary which channeled a percentage
of all payments to a card-handling subsidiary, and meaning that element of every
payment was exempt from VAT.
The scheme was used by about 90 retailers, allowing them to avoid £550m in
tax. It has proved especially controversial since HMRC expressed an intention to
pursue users of the scheme and land them with a further bill for other
relationships the schemes threw up.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states