VAT – Financial services exemption – Appellant provided a service of managing the foreign currency exposure of a multi-currency loan provided to its client by a third party (a Lender) – whether the essential aims and features of the service were the execution of foreign exchange transactions – held, they were – whether the service was properly characterised as transactions concerning payments, transfers or currency within article 135(1)(d)(e) VAT Directive and item 1, Group 5, Schedule 9, VATA – held, it was- where the transactions were effected using a Prime Broker, held the service also fell within the exemption on the basis that it was the provision of intermediary services within item 5, Group 5, Schedule 9, VATA – appeal allowed
Citations:
[2010] UKFTT 297 (TC)
Links:
Jurisdiction:
England and Wales
VAT, Financial Services
Updated: 30 May 2022; Ref: scu.422306