In 2006 telent Ltd (Marconi) transferred 75% of its business as a going concern to Ericsson. The associated pension scheme obligations remained with telent, and the Pensions Regulator required it to place funds in escrow to help cover any future funding shortfall. Investment managers charged telent VAT of approximately £300k annually, and in 2014 HMRC denied telent input tax recovery. Telent appealed, but in March 2016 withdrew its appeal.
Source Deloitte
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