The issue by a company of shares is a supply of services for the purposes of VAT. The issue of shares was ‘something done’ by the company, as required by the Directive. The consideration received for such shares was part of the company’s turnover, and therefore a VATable supply.
Citations:
Gazette 05-Apr-2001, Times 06-Mar-2001, [2001] EWCA Civ 1219, [2001] EWCA Civ 65
Links:
Statutes:
Sixth VAT Directive (77/388/EEC), Value Added Tax Act 1994
Jurisdiction:
England and Wales
European, VAT, Company
Updated: 11 June 2022; Ref: scu.200773