In ING, a deposit-taking business is held to be providing exempt banking services and so is unable to recover the VAT incurred in the costs of the deposit-taking activities. The Court of Appeal’s decision in Teoco reinforces the importance of careful compliance with notice requirements when bringing a claim against a seller for breach of warranty and/or a claim under a tax covenant. UBS is applied by the Upper Tribunal in the Cyclops case, whereas the Court of Appeal finds on the facts of Trigg that purposive construction is not appropriate. The new ICAP pilot is launched to enable multilateral cooperative risk assessment.
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