Commentary

BB/14C/04 VAT—sale of repossessed goods by finance houses

Part V16 Forms and other HMRC material

BB/14C/04 VAT—sale of repossessed goods by finance houses

BB/14C/04 VAT—sale of repossessed goods by finance houses

Business Brief, Issue 14. 17 May 2004

Following the High Court decision in General Motors Acceptance Corporation (GMAC) CH/2003/APP/0230, Customs are now reconsidering claims submitted on the basis of the earlier tribunal case. The case concerned the correct VAT treatment of cars when their sale on finance agreements was not completed—either because the customer was entitled to end the agreement early or because the customer defaulted. In both cases the car came back to the finance house, which sold it for a second time.

Full details of the impact of the decision,

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