Virtual sales, leasebacks and VAT treatment
Language: English Series: Commercial Leases ; 19(6) June 2005, 998-999(2)Publication details: 2005Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Date due | Barcode | |
|---|---|---|---|---|---|---|---|
| Journal article | London Journal article | L130211 (Browse shelf(Opens below)) | 1 | Available | 130211-1001 |
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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.