Condé Nast VAT victory 'a landmark'

Condé Nast, the publisher of Vogue and Vanity Fair, may recover £100,000 worth of VAT paid on travel and subsistence dating back to 1973. The company was given the go-ahead after winning a landmark house of lords judgment. It upheld a previous appeal court ruling that a three-year time limit, introduced by the government in 1997, on when businesses can reclaim overpaid VAT was illegal. It is thought the ruling could lead to many more making similar claims. (Via mad.co.uk)