Earlier this year Lord Briggs gave a public lecture at the University of Cambridge in which he staunchly defended the orthodox theory on the nature of equitable ownership. Pursuant thereto the beneficiaries under most trusts have proprietary rights in the underlying assets that form the subject of the trust as opposed to just holding personal rights against the trustees.
For VAT this presents a dilemma: proprietary rights in a single asset can be split in legal and beneficial and thus vest simultaneously in different persons. The VAT laws on the other hand are drafted for there to be one and only one supplier or recipient.
If an asset is transferred under circumstances where legal and equitable...
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:
Earlier this year Lord Briggs gave a public lecture at the University of Cambridge in which he staunchly defended the orthodox theory on the nature of equitable ownership. Pursuant thereto the beneficiaries under most trusts have proprietary rights in the underlying assets that form the subject of the trust as opposed to just holding personal rights against the trustees.
For VAT this presents a dilemma: proprietary rights in a single asset can be split in legal and beneficial and thus vest simultaneously in different persons. The VAT laws on the other hand are drafted for there to be one and only one supplier or recipient.
If an asset is transferred under circumstances where legal and equitable...
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: