Billionaire Barclay brothers lose £1.25bn VAT case

The billionaire Barclay twin brothers, owners of The Daily Telegraph, London’s Ritz Hotel and Liverpool-based retailer Littlewoods, have lost a legal battle after the Supreme Court ruled that the taxman does not owe them £1.25bn. David and Frederick Barclay had been pursuing the claim after Littlewoods, the retailer they own through Shop Direct, overpaid VAT to HMRC between 1973 and 2004. The company had received a £205m refund from HMRC and simple interest of £268m, according to court filings. But Littlewoods sought 'a... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
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