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HM Revenue & Customs: Revenue & Customs Brief 20/14.

HMRC has been given permission to appeal the decision of the High Court granting Littlewoods compound interest in relation to VAT it overpaid but was prevented from recovering due to statutory time limits.

HMRC states that it will apply to stay all extant claims from other traders already issued in the High or County Courts. Further that it will refuse all new claims for compound interest.

This does not mean that new claims ought not to be made – they should in order to preserve statutory time limits.