I used to hold the zero dividend preference shares of M&G Equity Investment Trust. These paid out about 97p per share in March 2011 out of a maximum 100p and is now in liquidation. I had completely forgotten that the trust was making a claim for a VAT refund, but I received a letter from the liquidators (PWC) yesterday concerning this. It states that the claim is for £2,300,000 plus interest. If successful and PWC do not extract to much in their colossal fees, this could deliver another 3p per share.

Does anyone have any idea what this VAT claim is all about and what the likelihood of success might be?