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Sempra Metals Ltd v Inland Revenue Commissioners [2007] UKHL 34 is a UK tax law case, concerning the availability of compound interest upon personal claims. The effect of the case, decided by a majority, was to reverse the outcome of Westdeutsche Landesbank Girozentrale v Islington LBC.
Last week’s cut of the Bank of England’s (BoE) base interest rate by 25 basis points was largely seen as a step in the right direction as the UK seeks to improve productivity and growth, even ...
Abbey National, Barclays Bank, Clydesdale Bank, HBOS, HSBC Bank, Lloyds TSB, Nationwide Building Society and the Royal Bank of Scotland asked for declarations that their standard terms for charging customers were incapable of being penalties at common law. The OFT investigated charges where bank customers requested or instructed a bank to make ...
Higher borrowing costs could slow the UK economy and also put pressure on the UK government to cut public spending or raise taxes in order to keep within its chosen borrowing rules.
The Bank of England acts as the UK's central bank, influencing interest rates paid by private banks, to achieve targets in inflation, growth and employment.. The Bank of England was originally established as a corporation with private shareholders under the Bank of England Act 1694, [1] to raise money for war with Louis XIV, King of France.
Tax Law, Advance corporation tax, Limitation Act 1980 The Limitation Act 1980 applies to claims for restitution of monies paid under a mistake of law. The six-year period allowed under the Limitation Act applies from the date on which the claimant has discovered the mistake (or could have reasonably discovered it) rather than the date on which ...
Interest can accrue from the latest of 30 days after the goods are supplied or the service is completed, 30 days after receipt of invoice (or the customer is told the amount due is payable). the agreed date for payment. The "statutory interest" rate chargeable, which is simple and not compound, is the Bank of England base rate plus 8%. The ...
Wallace: 125. This was an interlocutory case. The bank claimed the possession of a flat in Priory Road, Hampstead, which was jointly owned by Mr and Mrs Wallace. The bank claimed possession on the basis of an all monies legal charge signed by the husband and the wife against which the bank had advanced money to the husband.