• VAT Cases On Deal Fees and Grouping: BAA Is Denied £6.7m Deduction for Deal Costs; Non-Taxable Persons May Join VAT Groups
  • April 22, 2013
  • Law Firm: Sullivan Cromwell LLP - New York Office
  • BAA has been defeated in the English Court of Appeal in its attempt to recover £6.7m of value added tax incurred on deal costs during a successful takeover bid. The case is significant for UK-based financial buyers: it shows how important it is to plan for VAT recovery early and to make sure there is evidence of the bidding company’s intentions.