LOOSE CHANGE
LOOSE CHANGE
First National Bank of Chicago has won a tribunal decision in London which clears the way for banks to reclaim "many millions" of pounds in disputed value-added tax payments (FXW, December 19). While banks have been able to claim VAT rebates on their trading systems, legislation dating to 1973 stopped them getting back tax paid on costs incurred in foreign exchange trading. Martin Sharratt, VAT partner at accountants Arthur Andersen says international banks actively trading foreign exchange
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