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compound interest

The long-running Littlewoods case looks set to continue, with HMRC seeking leave to appeal the latest decision in favour of the catalogue-based retailer.

The company and several similar businesses overpaid a total of £204m in VAT on mail order sales commissions between 1973 and 2004, and later received a repayment with simple interest – which sparked litigation seeking compound interest.

HMRC aims to stay claims for compound interest

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