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Tax - Briefing - VAT reclaim transition period introduced.
(From Financial Director)
Byline: Peter Williams.
Before July 1996, if a company discovered it had overpaid VAT to Customs, it had six years from the date on which the overpayment was made, or six years from the date on which the company discovered the error, in which to make a claim to recover the cash. Where claims were made within six years of the date of discovery of the overpayment the company could even look back to the start of VAT in 1973.
In 1996, in the face of rising claims, the Paymaster General announced the time limit was to be slashed from six years to three. This meant amounts overpaid more than three years before the date on which a claim was made could not be recovered.
This restriction caused problems for companies which had overpaid VAT, especially because of the lack of warning Customs gave. The three-year limit was challenged by Marks & Spencer, and through the courts the matter was referred to the European Court of Justice.
The ECJ decided in July 2002 in favour of M&S, saying that the UK acted contrary to the principles of community law by retrospectively shortening the time limit on which taxpayers could exercise their rights to repayment.
There should have been a transitional period - and that is now what is happening.
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