Business World

Wednesday 1 October 2014

Tax payout for Barclay bros

Published 29/03/2014 | 02:30

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The Punt was curious to see that the British government may have to pay about £1.2bn (€1.45bn) to a company owned by the billionaire Barclay brothers after a judge ruled in their favour in a dispute over 30 years of overpaid taxes.

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David and Frederick Barclay are best known here for their spat with Belfast developer Paddy McKillen but they also own home shopping company Littlewoods which has won its claim to receive compound interest on the wrongly collected value-added tax, in a decade-long legal fight that went to the European Court of Justice before being referred back to the UK courts in 2012.

But her majesty's tax officials said that it would appeal the ruling, meaning the legal process could drag on for several more years.

Irish Independent

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