- Bollinway Properties Ltd acquired Toys ‘R’ Us Properties Ltd for £1 in April 2018.
- Bollinway submitted a VAT return claiming a repayment of £71,170,729.68.
- Bollinway asked HMRC to set off the credit against TRUP’s liability to pay output tax.
- HMRC allocated £71,084,816.43 to TRUP’s VAT account and authorized £85,913.25 for repayment to Bollinway.
- Bollinway claimed repayment supplement of £3.55m, but HMRC refused the claim.
- Bollinway appealed to the FTT, which dismissed the appeal.
- Bollinway appealed to the UT, which also dismissed the appeal.
- The UT held that the additional information sought by HMRC was reasonable.
- The UT did not address whether repayment supplement can apply in scenarios other than late cash payments.
- The UT provided clarity on the ‘relevant’ period for repayment supplement.
Source: rpc.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
