UT/2024/000060 - [2025] UKUT 00143 (TCC)

There are a number of strands in the Claimant’s argument that it was not able to quantify the Deficit Claim. As to an argument that this was not possible as a matter of law until the Dividends were brought into charge, we have already indicated that this argument is to be rejected. In respect of how practicable it was to quantify the claim, the Claimant points to i) the extent to which it remained unclear through the course of the FII Litigation that the solution to EU law compatibility was not exemption but credit at the level of the FNR ii) the complexity of determining the FNR which applied in the Claimant’s case iii) the need to seek HMRC’s agreement to the FNR (which was only achieved in April 2021). We address these in turn.