000			01562cab a2200277 4500
001			ABS58964
008			090401t1997 xxu||||| |||| 00| 0 eng d
035			_a(Sirsi) u87183
041			_aeng
245			_aCantor Fitzgerald International v C&EC
260			_c1997
350			_a0
490			_aVATTR _v[1997] VATTR 233-241(9)
520			_aLondon 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.
650			_aASSIGNMENT
650			_aCONSIDERATION
650			_aEEC SIXTH DIRECTIVE
650			_aELECTION TO WAIVE
650			_aLUBBOCK FINE V C&EC
650			_aMUTUAL CONTRACTUAL OBLIGATIONS
650			_aSTANDARD-RATED
650			_aVARIATION OF CONTRACTUAL OBLIGATIONS
690			_aTAXATION-CASE LAW
942			_n0
948			_c02/07/1998
999			_c54966 _d54966