While the Court of Appeal recently denied VAT recovery on costs associated with corporate restructuring and/or refinancing deals, it may be that the specific facts of BAA and Airtours mean the impact of these decisions can be contained. Judith Lesar and David Anderson (PwC Legal) examine both cases.
The decisions in BAA Ltd v HMRC [2013] EWCA Civ 112 and Airtours Holidays Transport Ltd v HMRC [2014] EWCA Civ 1033 have some notable parallels.
Both are decisions of the Court of Appeal and concern recovery of input tax arising from the operation of a large corporate entity: an acquisition in BAA and a refinancing operation in Airtours.
Additionally in both cases the higher appellate courts reversed the decision of...
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