Market leading insight for tax experts
View online issue

Fortyseven Park Street v HMRC

In Fortyseven Park Street v HMRC [2016] UKFTT 569 (11 August 2016) the FTT found that the supplies of ‘fractional interests’ in a property were not exempt supplies of land as they fell within the hotel accommodation exclusion (VATA 1994 Sch 9 Group 1 note 1(d)).

Fortyseven sold ‘fractional interests’ in residences at 47 Park Street in Mayfair (the ‘property’). In return for a substantial upfront price a purchaser acquired the ability to occupy a residence at the property of a specified category for a maximum number of nights in each year until 31 October 2050 and to access a range of related benefits during that period. These included the option for the purchaser to exchange stays at the property for stays in other properties; and to realise rental income in respect of a residence of the specified type. Fortyseven argued that it provided exempt licences to...

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:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
EDITOR'S PICKstar
Top