Telent Technology Services Ltd withdrew its appeal on recovering input tax on investment fees paid to investment advisers for the Escrow Account. HMRC refused the claim for the Overlap Period, totaling £855,754, and invited settlement. HMRC applied for the Tribunal to strike out part of the appeal but conceded the remaining part. HMRC argued that under the Value Added Taxes Act 1994, when TTSL withdrew the Assessment Appeal, the parties were deemed to have agreed with HMRC.
Source KPMG
