Andrew Roycroft and Dominic Stuttaford Senior Tax Associate and Tax Partner at Norton Rose LLP consider the recent VAT tribunal decision in the Bank of Ireland case
Summary
A VAT Tribunal has allowed the Bank of Ireland's appeal against a decision of HMRC finding that certain services supplied by the Bank to Norwich Union Insurance Limited were exempt from VAT as services of an insurance intermediary.1 The decision is of interest because it illustrates both how narrowly HMRC views the VAT exemption for insurance intermediary services and how difficult it can be to characterise the services provided in even relatively straightforward commercial arrangements. The decision concerns payments to the Bank under an arrangement (known as a 'skewed' panel)...
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Andrew Roycroft and Dominic Stuttaford Senior Tax Associate and Tax Partner at Norton Rose LLP consider the recent VAT tribunal decision in the Bank of Ireland case
Summary
A VAT Tribunal has allowed the Bank of Ireland's appeal against a decision of HMRC finding that certain services supplied by the Bank to Norwich Union Insurance Limited were exempt from VAT as services of an insurance intermediary.1 The decision is of interest because it illustrates both how narrowly HMRC views the VAT exemption for insurance intermediary services and how difficult it can be to characterise the services provided in even relatively straightforward commercial arrangements. The decision concerns payments to the Bank under an arrangement (known as a 'skewed' panel)...
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