“The government’s response to the Law Commission report on the amount of interest courts should award on debts and damages in court proceedings. ‘Pre-judgment interest’ refers to the interest awarded from the day when payment fell due until judgment is entered or payment made (whichever is earlier).”
Ministry of Justice, 16th September 2008
Source: www.justice.gov.uk
Compound interest is payable in restitution
Sempra Metals Ltd (formerly Metallgesellschaft Ltd) v Inland Revenue Commissioners and Another
“The court had power to make an award of compound interest in a claim for restitution where such an award was necessary to achieve full justice for the claimant.”
The Times, 25th July 2007
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
“The House of Lords’ ruling in the Sempra Metals case, while ostensibly about a complicated tax issue, could challenge the foundations of English law on the repayment of debt.”
The Times, 19th July 2007
Source: www.timesonline.co.uk
“Revenue & Customs could be forced to repay “billions” of pounds in tax to UK businesses after suffering a devastating defeat in the House of Lords today.”
The Times, 18th July 2007
Source: www.timesonline.co.uk
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