17 May 2012
Emblaze Mobility Solutions Ltd v Revenue and Customs Commissioners [2012] All ER (D)
63 (May)
In respect of assignees, s 133 of the Finance Act 2008 was clearly intended to impose a set-off on an assignee where no such set-off had been permissible prior to its enactment. The general, established, principle was that set-off was founded in simple convenience and fairness. It should be taken to apply generally to all liquidated cross-claims unless excluded by statute or contract. Further, the test for equitable set-off required that cross-claims were so closely connected with the claimant’s demands that it would be manifestly unjust to allow the claimant to enforce the payment without taking into account the cross-claim.
