BB/12B/05 VAT—clarification of the VAT position of share issues following the ECJ decision in KretztechnikBusiness Brief, Issue 12. 15 June 2005This Business Brief article is an update on HM Revenue & Customs' position on the VAT treatment of share issues and subsequent input tax recovery, following the decision in Kretztechnik A.G. -v- Finanzamt Linz (Case C-465/03) (Part V11).The decisionOn 26 May 2005, the European Court of Justice (ECJ) gave its judgment in Kretztechnik (Part V11). The ECJ had been asked to rule upon whether or not a first issue of shares by a public limited company is a supply and whether or not the VAT incurred on the costs of such an issue is deductible input tax. The judgment endorsed the earlier Opinion given by the Advocate General on 24 February 2005, ruling that such an issue is not a supply and that the VAT incurred
Business Brief, Issue 12. 15 June 2005
This Business Brief article is an update on HM Revenue & Customs' position on the VAT treatment of share issues and subsequent input tax recovery, following the decision in Kretztechnik A.G. -v- Finanzamt Linz (Case C-465/03) (Part V11).
On 26 May 2005, the European Court of Justice (ECJ) gave its judgment in Kretztechnik (Part V11). The ECJ had been asked to rule upon whether or not a first issue of shares by a public limited company is a supply and whether or not the VAT incurred on the costs of such an issue is deductible input tax. The judgment endorsed the earlier Opinion given by the Advocate General on 24 February 2005, ruling that such an issue is not a supply and that the VAT incurred
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