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VAT briefing for December 2011

Speed read

Recent key developments include: the ECJ gives important judgments on fiscal neutrality in Rank and transfers of going concern (TOGCs) in Schriever; HMRC guidance indicates that Paymex will be extended to CVAs; in Canotec, the FTT holds that a person who contracts to pay a termination fee on behalf of a customer may recover any VAT as input tax; in London Clubs Management, the Court of Appeal upholds a partial exemption special method based on floor area for a casino business; and low value consignment relief will not apply to goods imported from the Channel Islands from 1 April 2012.

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