[2012] EWHC 458 (Ch).

Chancery Division.

[The appeal against this decision is reported at [2015] BVC 10.]

Judgment delivered 2 March 2012.

Value added tax – Tax wrongly levied – Recovery by final consumer – Investment trusts – VAT wrongly paid to and by managers – Recovery by managers on reimbursement basis – Whether trusts could make further recovery – Trusts’ restitutionary claims barred by exclusive statutory scheme – Trusts could have rights under EU law subject to limitation – Nature of EU law rights – Taxpayers' claim allowed in part – Value Added Tax Act 1994, s. 80(1), (2A), (4), (7).

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