Sentences with phrase «value added tax act»

The Court of Appeal has rejected Leeds City Council's EU law challenges to the former 3 year limitation period in section 80 (4) of the Value Added Tax Act 1994 on claims for VAT over-declared and overpaid in VAT periods ending on or after the introduction of the cap in December 1996 (so - called «Scottish Equitable» claims).

This appeal considered whether the claimants have a direct mistake - based action in unjust enrichment against the defendant on the basis that the defendant was enriched at the claimant's expense by the mistaken payment of VAT, and whether the claimants» cause of action against HMRC in unjust enrichment for the recovery of VAT was excluded by the Value Added Tax Act 1994, s 80 (7).

Littlewoods Limited & others v Commissioners for Her Majesty's Revenue and Customs [2017] UKSC 70 The Supreme Court has decisively and unanimously concluded that s78 Value Added Tax Act 1994 («VATA 1994») provides complete and adequate compensation for being kept out of the money by providing for simple interest on overpaid VAT.

The Supreme Court also held that, even if the claimants had in principle been able to make out a claim in unjust enrichment, such a claim would have been excluded by the Value Added Tax Act 1994, s 80 (7), which sets out arrangements for the supplier to reimburse the consumer, subject to a limitation period, removing the need for the consumer to have a direct remedy against the defendants.

A lease of land was also an exempt supply, but the college gave notice of an election to waive the exemption under para 2 of Sch 10 to the Value Added Tax Act 1994 (VAT 1994).

Section 80 (7) Value Added Tax Act 1994 did not bar HMRC from entering into a binding agreement with Southern Cross.

(Value Added Tax Act)

Not exact matches

With a projected revenue of N3.86 trillion in the face of dwindling crude oil receipts, government estimates that oil revenues contribute N820 billion of the total revenue; non-oil revenues, comprising Company Income Tax, CIT, Value Added Tax, VAT, Customs and Excise duties, and Federation Account levies, are expected to contribute N1.45 trillion; while independent revenues are expected to contribute N1.51 trillion through the enforcement of the Fiscal Responsibility Act, 2007 and public expenditure reforms in all MDAs.