VAT reclaims 1973 to 1997 - reminder

FA 2008, section 121, enacted in acknowledgement of the ineffective introduction of the 3 year cap at the end of 1996, enables traders to recover underclaimed input tax, or overpaid output tax, arising for periods prior to 1997. 

Claims may be in point for those traders who incurred the expense of staff entertaining, business gifts, car parking, and car leasing, along with those who generally did not pursue claims for recovery on the understanding that they were barred by the 3 year cap. 

The deadline for submitting protective claims to HMRC is 31 March 2009.