Membership voice, March - April 2008
The number '8' is a lucky number for Chinese people as it sounds like the word 'wealth' in Mandarin. In China, phone numbers, car number plates, street addresses containing the number '8' attract a premium because of their 'lucky' status. The fact that the Beijing Olympic games are scheduled to open on 08-08-08 at 8:08 pm confirms that this belief is widespread and almost legitimised by the state.
It could well be that some of this luck has escaped China and reached the UK, as TWI has had an auspicious start to 2008.
On 23 January 2008, the House of Lords ruled in a test case that Her Majesty's Revenue and Customs had no right to refuse retrospective recovery of overpaid Value Added Tax (VAT). TWI, which was not directly involved in the case,happened to have overpaid VAT on several government and collaborative projects between 1976 and 1993. This had been acknowledged by UK tax authorities in 1993, but the request for compensation for overpayment between 1976 and 1993 had always been rejected. The House of Lords ruling meant that Her Majesty's Revenue and Customs were finally forced to repay the backdated VAT to TWI which, together with interest, amounts to £4.2 million.
The Executive Board and Council of TWI are now considering ways in which to put these additional funds to best use. This windfall will be invested in such a way as to provide sustainable ongoing benefits to TWI and its Members, in addition to the initiatives already planned for 2008.
Fred Delany - Head, Industrial Member Services
