VAT law struggles to address the distinction between legal and equitable ownership, but case law can provide some answers, writes Fabian Barth (Alvarez & Marsal).
Earlier this year Lord Briggs gave a public lecture at the University of Cambridge in which he staunchly defended the orthodox theory on the nature of equitable ownership. Pursuant thereto the beneficiaries under most trusts have proprietary rights in the underlying assets that form the subject of the trust as opposed to just holding personal rights against the trustees.
For VAT this presents a dilemma: proprietary rights in a single asset can be split in legal and beneficial and thus vest simultaneously in different persons. The VAT laws on...
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VAT law struggles to address the distinction between legal and equitable ownership, but case law can provide some answers, writes Fabian Barth (Alvarez & Marsal).
Earlier this year Lord Briggs gave a public lecture at the University of Cambridge in which he staunchly defended the orthodox theory on the nature of equitable ownership. Pursuant thereto the beneficiaries under most trusts have proprietary rights in the underlying assets that form the subject of the trust as opposed to just holding personal rights against the trustees.
For VAT this presents a dilemma: proprietary rights in a single asset can be split in legal and beneficial and thus vest simultaneously in different persons. The VAT laws on...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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