What refund am I entitled to from BA if I first accept a change of itinerary

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That's tricky since this specific case isn't covered in the EU261 regulations.

BA will likely drag their feet: on the first cancellation, you got rebooked to a cheaper ticket. On the second cancellation, you are offered a refund on the ticket that got cancelled.

I would try the following angles with the BA representative:

  1. If it's still the same booking reference number, than it's still the original booking with the price you paid and that's the refund owed. This argument doesn't hold if the rebooking generated a new booking with a new PNR.
  2. If your changed flight would have been more expensive, would they refund the higher price or just the original money paid?
  3. Per EU261 you are owed a refund of the money you paid. EU216 states in Article 8
  • reimburs*m*nt within seven days, by the means provided for in Article 7(3), of the full cost of the ticket at the price at which it was bought

See https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32004R0261

If they cancelled less than 14 days before departure you are also owed additional compensation.

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