The first VAT briefing of 2019 covers the Upper Tribunal decision in BlackRock concerning the scope of the exemption for fund management services and its inter-relationship with the single supply rules. The reference to the CJEU on, in essence, the question whether a correct interpretation of the exemption should preclude the operation of the single supply rule may prove very important. In addition, there are CJEU decisions dealing with the operation of the TOGC rules where goods are leased with premises (Mailat) and on the existence of barter transactions (Oy A). Domestically, HMRC is extending the scope of the making VAT digital pilot and has changed its guidance with respect to forfeited deposits and other retained payments.
