VALUE ADDED TAX – input tax – partially exempt trader – agreed special method for attribution of residual input tax – credit card bank – securitisation of credit card receivables – assignment of receivables to Jersey trustee – trustee holding assigned receivables on trust for Jersey company which issued loan notes on security of receivables – whether assignment capable of amounting to supply by bank or merely security for loan – when receivables paid by customers, moneys returned to credit card bank and collected receivables replaced by new receivables – whether replacements amount to supply – if supply, whether made for consideration – measure of consideration – whether any supply made by bank ‘incidental’ – whether trustee truly belonging outside Member States – whether special method denominator correctly compiled – Sixth VAT Directive, arts 9, 11, 13, 17, 19 – VAT Act 1994, ss 4, 9 26, Sch 5, Sch 9 Group 5, Item 1 – VAT Regulations 1995, regs 101, 102, 103 – VAT (Input Tax) (Specified Supplies) Order 1999, arts 2, 3 – VAT (Place of Supply of Services) Order 1992, art 16
Citations:
[2005] UKVAT V19238
Links:
Jurisdiction:
England and Wales
VAT
Updated: 30 May 2022; Ref: scu.230205
