How does a taxpayer determine which of its supplies are exempt, which are taxable, and which are zero-rated or outside the scope of VAT? This article begins with a cross-reference to the lists of services which qualify for exemption, and provides practical examples analysing different types of supply: loans, financial intermediaries, financial advice (mixed supplies) and shares. Finally, three recent real-world cases are summarised, highlighting how the courts apply VAT concepts to supplies in the financial services industry.
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How does a taxpayer determine which of its supplies are exempt, which are taxable, and which are zero-rated or outside the scope of VAT? This article begins with a cross-reference to the lists of services which qualify for exemption, and provides practical examples analysing different types of supply: loans, financial intermediaries, financial advice (mixed supplies) and shares. Finally, three recent real-world cases are summarised, highlighting how the courts apply VAT concepts to supplies in the financial services industry.
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: