Taxation: Rebates
(asked on 8th December 2016) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much the Government has had to pay in tax rebates since the 2012 Franked Investment Income judgment.
This question was answered on 16th December 2016
Two judgments in the Franked Investment Income Group Litigation Order case were handed down in 2012, by the UK Supreme Court on 23 May and by the Court of Justice of the European Union on 13 November. Since those decisions, HM Revenue and Customs has made payments of £1,490,455,098 less tax withheld under the restitution interest provisions introduced by Finance (No.2) Act 2015 of £324,402,752, a net sum of £1,166,052,346.