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Taxation: Rebates

Question for HM Treasury

UIN 56743, tabled on 8 December 2016

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.

Answered on

16 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.

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