UTTC VAT – partial exemption special method – hire purchase transactions – taxable supplies of motor vehicles and exempt supplies of credit – whether residual cost inputs have a direct and immediate link with and are cost components of taxable supplies of motor vehicles – whether a methodology which attributes 50% of residual input tax to taxable supplies is fair and reasonable.
Judges:
Vos J, Herrington HHJ
Citations:
[2012] UKUT 394 (TCC), [2015] CN 1332
Links:
Jurisdiction:
England and Wales
Citing:
Appeal from – Volkswagen Financial Services (UK) Ltd v Revenue and Customs FTTTx 18-Aug-2011
VAT – partial exemption special method – hire purchase transactions – taxable supplies of goods and exempt supplies of credit – whether a methodology attributing part of residual input tax to taxable supplies of goods is fair and reasonable – . .
Cited by:
Appeal from – Volkswagen Financial Services (UK) Ltd v HM Revenue and Customs CA 28-Jul-2015
The parties disputed the recoverability of VAT on the general expenses of the appellant which operated a car financing company. In particular: ‘whether any of the residual input tax paid by VWFS in respect of the general overheads of the business is . .
At UTTC – Volkswagen Financial Services (UK) Ltd v Revenue and Customs SC 5-Apr-2017
The court considered the VAT treatment general business overheads of a vehicle financing company, and in particular the ‘partial exemption special method’ (‘PESM’) agreed with HMRC for the valuation of the proportion of residual input tax . .
Lists of cited by and citing cases may be incomplete.
VAT
Updated: 25 July 2022; Ref: scu.466707