Cantor Fitzgerald International v C&EC
Language: English Series: VATTR ; [1997] VATTR 233-241(9)Publication details: 1997Subject(s): Summary: London Tribunal 10,11 July 1997. Wako held an underlease of premises for a term of 15 years. The landlord granted a Licence to Assign the underlease to the Appellant on 23 March 1993. The Deed of Assignment was susequently executed for a consideration of £1.5m payable by Wako. At the time of the transactions neither the Appellant or Wako had made an election to waive the VAT exemption in respect of the premises. The Commissioners decided that in taking the assignment for a cash consideration the Appellant was making a standard-rated supply for VAT purposes. The Appellant contended that the supply was exempt under the provisions of the EEC Sixth Directive Article 13B(b). "Held" the assignment constituted an exempt variation of the contractual relationship established by the original exempt underlease, accordingly the assignment was exempt.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | ABS58964 (Browse shelf(Opens below)) | 1 | Available | 87183-1001 |
London Tribunal 10,11 July 1997. Wako held an underlease of premises for a term of 15 years. The landlord granted a Licence to Assign the underlease to the Appellant on 23 March 1993. The Deed of Assignment was susequently executed for a consideration of £1.5m payable by Wako. At the time of the transactions neither the Appellant or Wako had made an election to waive the VAT exemption in respect of the premises. The Commissioners decided that in taking the assignment for a cash consideration the Appellant was making a standard-rated supply for VAT purposes. The Appellant contended that the supply was exempt under the provisions of the EEC Sixth Directive Article 13B(b). "Held" the assignment constituted an exempt variation of the contractual relationship established by the original exempt underlease, accordingly the assignment was exempt.