Latest Update: 25 November 2011
In June 2009 I was appointed to assess the amount of compensation, if any, payable by HM Treasury under The Bradford & Bingley plc Compensation Scheme. On 5 July last year I issued my assessment that no compensation was payable in respect of shares and subscription rights. I also issued a similar notice in respect of rights associated with dated subordinated notes.
Former shareholders and other affected parties had the opportunity to request that I reconsider my determination by writing to me, stating their reasons for dissatisfaction and providing any evidence that they believed I should consider.
I considered the requests and evidence put forward to me and on 14 March 2011 I issued my Revised Assessment Notice in respect of shares and subscription rights. That Notice upheld my original Assessment Notice of 5 July 2010 and explained that I remained of the view that no compensation is payable by HM Treasury to shareholders or holders of subscription rights. The Revised Assessment Notice sets out my responses to the main arguments and requests that I considered in reaching this determination.
The Revised Assessment Notice explained that an affected party who was dissatisfied with the determination in my Revised Assessment Notice could refer the matter to the Upper Tribunal (Tax and Chancery Chamber). Approximately 700 such references have been made to the Upper Tribunal. In accordance with the Upper Tribunal rules I have now filed my Statement of Case with the Upper Tribunal. I am sending a copy of my Statement of Case by post to everyone who has made a reference (i.e. the applicants).
The Upper Tribunal has directed that an applicant may (if so advised) send or deliver a written reply to the Upper Tribunal so that it is received by the Upper Tribunal within 28 days of 6 June (the date on which I filed my Statement of Case with the Upper Tribunal). The Upper Tribunal rules provide that a reply must:
(a) state the grounds on which the applicant relies in the reference;
(b) identify all matters contained in the Statement of Case which are disputed by the applicant; and
(c) state the applicant's reasons for disputing them.
The London address of the Upper Tribunal is:
The Upper Tribunal
Tax and Chancery Chamber
45 Bedford Square
WC1B 3DN
The telephone numbers of the Upper Tribunal are:
+44 (0)20 7612 9646 and +44 (0)20 7612 9647
If you do file a reply with the Upper Tribunal, please send a copy to me at PricewaterhouseCoopers LLP, 7 More London Riverside, London, SE1 2RT.
I will not be responding to any further correspondence in relation to my Assessment Notices or my Revised Assessment Notice other than in the course of the proceedings before the Upper Tribunal.
I would like to thank everyone who assisted me in my assessment.