Valassis offers help with VAT refunds

Edited by the Marketingweek Marketplace editorial team Mar 3, 2009

Valassis is offering to help coupon issuers recover in excess of GBP160m in VAT refunds following a landmark decision by the House of Lords.

In partnership with Grant Thornton, Valassis is working with companies to register a claim for a VAT refund before the deadline of 31 March 2009, and is offering advice and financial services to every coupon issuer in the UK.

Companies that issue coupons are entitled to reclaim VAT on the value of the coupons redeemed, and Regulation 29 of the Value Added Tax Regulations 1995 stipulates a three-year time limit on claims for a VAT refund.

However, on 23 January 2008, the House of Lords unanimously ruled that this regulation is incompatible with European Union law, and extended the limitation period to 36 years.

This ruling meant that claims can now be made with respect to VAT paid since 1973.