Virtual sales, leasebacks and VAT treatment
Virtual sales, leasebacks and VAT treatment
- 2005
- Commercial Leases 19(6) June 2005, 998-999(2) .
Discusses the case "Abbey National plc v Customs and Excise Commissioners" ([2005] EWHC 831 (Ch), L129866) which considered whether a virtual transaction was exempt from VAT as leasing or letting of immovable property as used in Directive 77/388/EEC, Article 13B and implemented by the Value Added Tax Act 1994. The VAT and Duties Tribunal upheld C's decision that the rents under the subleases accrued to M Ltd were exempt as per the 1994 Act Sched 10 para 8(1) but dismissed the second argument. Abbey's appeal was allowed and Customs and Excise's cross-appeal was dismissed.
ABBEY NATIONAL PLC V CUSTOMS AND EXCISE COMMISSIONERS
VALUE ADDED TAX ACT 1994
Discusses the case "Abbey National plc v Customs and Excise Commissioners" ([2005] EWHC 831 (Ch), L129866) which considered whether a virtual transaction was exempt from VAT as leasing or letting of immovable property as used in Directive 77/388/EEC, Article 13B and implemented by the Value Added Tax Act 1994. The VAT and Duties Tribunal upheld C's decision that the rents under the subleases accrued to M Ltd were exempt as per the 1994 Act Sched 10 para 8(1) but dismissed the second argument. Abbey's appeal was allowed and Customs and Excise's cross-appeal was dismissed.
ABBEY NATIONAL PLC V CUSTOMS AND EXCISE COMMISSIONERS
VALUE ADDED TAX ACT 1994