VALUE ADDED TAX – bespoke retail scheme – regulations 67 and 68 VAT Regulations 1995 – no provision for closing stock adjustment on ceasing to use the scheme – whether the scheme produced a fair and reasonable valuation of taxable supplies – R v Customs and Excise Commissioners (ex parte Littlewoods Home Shopping Group Limited) considered – held, the scheme did produce a fair and reasonable valuation – in any event, the respondents were not entitled to assess VAT on the basis that the scheme included a closing stock adjustment – appeal allowed
[2021] UKFTT 188 (TC)
Bailii
England and Wales
Updated: 23 October 2021; Ref: scu.663652
