Investment firm Baillie Gifford has won a five-year legal battle with the U.K. that will allow it to recover an estimated 15 million pounds ($18.9 million) of value-added tax.
In a June 26 ruling published July 3, the U.K’s First Tier Tax Tribunal found that Baillie Gifford could include partnerships in its U.K. VAT group, meaning the investment firm could recover an estimated 250,000 pounds of monthly irrecoverable VAT costs, or 3 million pounds a year, it had incurred since it asked for the partnerships to be included.
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