FTTTx VAT- financing involving sale of business – Abuse? No financing transaction as going concern which gave margin treatment – Appeal allowed
 UKFTT 192 (TC)
England and Wales
Cited – Mayor of Bradford v Pickles HL 29-Jul-1895
The plaintiffs sought an injunction to prevent the defendant interfering with the supply of water to the city. He would have done so entirely by actions on his own land.
Held: The plaintiffs could have no property in the water until it came on . .
Appeal from – HM Revenue and Customs v Pendragon UTTC 15-Mar-2012
UTTC VALUE ADDED TAX – margin scheme for second-hand goods – arrangement by which motor dealer raised finance and became able to sell demonstrator cars within margin scheme – whether abusive – yes – appeal . .
At FTT – Pendragon Plc and Others v HM Revenue and Customs CA 23-Jul-2013
The Revenue had imposed a penalty on the appellants saying that their arrangement for the sale and VAT taxation of demonstrator cars was, in European law terms. The taxpayer sought re-instatment of the First Tier Tribunal judgment in its favour.
At FTTTx – Revenue and Customs v Pendragon Plc and Others SC 10-Jun-2015
‘This appeal is about an elaborate scheme designed and marketed by KPMG relating to demonstrator cars used by retail distributors for test drives and other internal purposes. In the ordinary course, a car distributor will buy new cars for use as . .
These lists may be incomplete.
Updated: 24 February 2021; Ref: scu.409010