000			01116cab a2200193 4500
001			L130211
008			050701n2005 000 0 eng u
035			_a(Sirsi) u130211
041			_aeng
245			_aVirtual sales, leasebacks and VAT treatment
260			_c2005
490			_aCommercial Leases _v19(6) June 2005, 998-999(2)
520			_aDiscusses 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.
590			_aIKA190705
650			_aABBEY NATIONAL PLC V CUSTOMS AND EXCISE COMMISSIONERS
650			_aVALUE ADDED TAX ACT 1994
690			_aPROPERTY-PROPERTY TAXATION
942			_n0
999			_c75494 _d75494