Commentary

BB/19D/05 Correction to Business Brief 16/05: VAT ruling—Abbey National PLC—virtual assignments

Part V16 Forms and other HMRC material

BB/19D/05 Correction to Business Brief 16/05: VAT ruling—Abbey National PLC—virtual assignments

BB/19D/05 Correction to Business Brief 16/05: VAT ruling—Abbey National PLC—virtual assignments

Business Brief, Issue 19. 10 October 2005

Unfortunately, there was an error in Item 1 in Business Brief 16/05, concerning the Abbey National case. In section (i) of the way forward, concerning virtual assignments, the Brief said that, if traders chose to follow the High Court decision and exempt their supplies under a virtual assignment pending the Court of Appeal decision, HMRC would issue protective assessments. If HMRC prove ultimately to be successful the assessments would be enforced and interest and penalties would be applied. This is incorrect

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