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VAT briefing for May 2017

Speed read

In Investment Trust Companies, the Supreme Court has held that customers do not have a direct restitutionary remedy against HMRC for mistakenly paid VAT. In Volkswagen Financial Services, the Supreme Court has decided to make a reference to the CJEU on how the general overheads of a hire purchase business should be attributed to its taxable and exempt supplies. In Commission v Germany, AG Wathelet has issued an opinion in relation to the scope of the cost sharing exemption which differs from the recent AG opinions in DNB Banka and Aviva. HMRC has issued revised guidance on input VAT recovery by holding companies in light of recent case law, including Larentia + Minerva.

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