Commentary

BB/14B/05 VAT—partial exemption—Tribunal decision in National Provident Institution (NPI)

Part V16 Forms and other HMRC material

BB/14B/05 VAT—partial exemption—Tribunal decision in National Provident Institution (NPI)

BB/14B/05 VAT—partial exemption—Tribunal decision in National Provident Institution (NPI)

Business Brief, Issue 14. 28 July 2005

This Business Brief gives the Commissioners' views on the VAT and Duties Tribunal's decision in the NPI appeal (Decision No 18944) that was released on 18 February 2005.

The NPI case concerned recovery of input tax by an insurance company that made supplies of securities outside the EU. There is no change to the Commissioners' policy, which is explained below.

Background

NPI made three sorts of supply for VAT purposes—

  1.  

    (a)     taxable supplies of property (which it had opted to tax);

  2.  

    (b)     exempt supplies of insurance (pensions, life assurance and annuities), exempt supplies of securities in the UK and in the EU; and

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