Commentary

BB/21B/96 Share dealing by charities

Part V16 Forms and other HMRC material

BB/21B/96 Share dealing by charities

BB/21B/96 Share dealing by charities

Business Brief, Issue 21. 17 October 1996

A recent decision of the European Court of Justice in the case of the Wellcome Trust Ltd v C & E Comrs (Case C–155/94) [1996] STC 945 [Part V11] has confirmed the Customs and Excise view that the buying and selling of shares by charities is outside the scope of VAT.

Concerns had been expressed by tax advisers and some financial organisations that this would have wider implications for financial trading. However, the court made it clear that its decision applies to charitable trusts. There will, therefore, be no charges

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