Lee Squires and Fiona Bantock (Hogan Lovells) report the latest VAT developments that matter.
Lisa Stevenson (Parisi Tax) answers a tax query a demerger involving the return of capital
In this month’s briefing, Lee Squires and Fiona Bantock (Hogan Lovells) examine three recent VAT decisions that matter: Investment Trust Companies, G B Housley and NEC; as well as HMRC’s guidance on the implications of Skandia on UK grouping provisions.
HMRC’s guidance on Skandia is a useful starting point, but still leaves considerable uncertainty on one of the highest profile VAT developments for the financial services industry in recent years, write Gary Campbell and Daniel Johnson (Deloitte).
Mark Agnew and Arianne Wijdeveld (Baker & McKenzie) consider the impact that the Skandia decision will have for financial services groups in the UK.
The CJEU has held that reverse charge VAT is due where an overseas entity recharges costs to a branch registered within a VAT group, in a decision that sits uncomfortably with the principle in FCE Bank. Nick Skerrett and Gary Barnett (Simmons & Simmons) consider the implications.
There have been two conflicting tribunal decisions on the recovery of overpaid VAT where a company either later joined or left a VAT group. Nick Skerrett and Gary Barnett analyse the decisions in Standard Chartered and MG Rover Group
Peter Mason answers a query on the problems with VAT groups in the case of a US banking client.