This month’s VAT review covers the Court of Appeal decision in Prudential concerning the prioritisation of the VAT deeming rules for supplies between members of a group and those for the time of supply. From the CJEU, there is the interesting case of Companhia União de Crédito Popular SA where the court ruled that fees charged by a lender for selling goods held as security cannot be exempted as part of the single supply of credit. On a sweeter note, the UT in Innovative Bites Ltd rejected HMRC’s argument that Note 5 to the Group 1 zero-rating provisions for food does not operate as a deeming provision. Finally, there is some (entirely prosaic) guidance from HMRC on the interpretation of VAT and excise provisions from 1 January 2024 following the coming into force of FA 2024 s 28.
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This month’s VAT review covers the Court of Appeal decision in Prudential concerning the prioritisation of the VAT deeming rules for supplies between members of a group and those for the time of supply. From the CJEU, there is the interesting case of Companhia União de Crédito Popular SA where the court ruled that fees charged by a lender for selling goods held as security cannot be exempted as part of the single supply of credit. On a sweeter note, the UT in Innovative Bites Ltd rejected HMRC’s argument that Note 5 to the Group 1 zero-rating provisions for food does not operate as a deeming provision. Finally, there is some (entirely prosaic) guidance from HMRC on the interpretation of VAT and excise provisions from 1 January 2024 following the coming into force of FA 2024 s 28.
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