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The Blues

 
Chris Reece summarises the VAT decisions of the new First-tier Tribunal. Please note that the decision numbers are no longer sequential. These are up to date to 27 May 2009
SIVA rejection
 
HMRC rejected IC Blue's application to be allowed onto the SIVA (simplified import VAT accounting) scheme. Participation in SIVA permits the trader to enjoy the benefit of import duty deferment without full financial guarantees.
 
HMRC's reason was that IC Blue's realisable net asset value was insufficient to cover its potential VAT liability (that liability being the maximum amount of import VAT IC Blue might defer).
 
IC Blue appealed on the grounds that HMRC's decision was irrational and unfair. IC Blue was a repayment trader...

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