How does a taxpayer determine which of its supplies are exempt, which are taxable, and which are zero-rated or outside the scope of VAT? This article begins with a cross-reference to the lists of services which qualify for exemption, and provides practical examples analysing different types of supply: loans, financial intermediaries, financial advice (mixed supplies) and shares. Finally, three recent real-world cases are summarised, highlighting how the courts apply VAT concepts to supplies in the financial services industry.
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