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Around half refused, reveals Timms
The total value of VAT claims received by HMRC as a result of the House of Lords decision in the joined cases of Michael Fleming t/a Bodycraft v CRC and Condé Nast Publications Ltd v CRC [2008] STC 324 is estimated at around £8.5 billion, according to the financial secretary to the Treasury, Stephen Timms.
He added that, so far, ‘around half the amount claimed by tax value has been refused following verification, and around £1.5 billion in tax and interest has been repaid to date’.
