Commentary

BB/23C/02 VAT—attribution of input tax incurred on professional services when a company acquires shares in another company in exchange for shares in itself

Part V16 Forms and other HMRC material

BB/23C/02 VAT—attribution of input tax incurred on professional services when a company acquires shares in another company in exchange for shares in itself

BB/23C/02 VAT—attribution of input tax incurred on professional services when a company acquires shares in another company in exchange for shares in itself

Business Brief, Issue 23. 20 August 2002

Background

This Business Brief article sets out Custom's policy following the decision of 24 June of the VAT and Duties Tribunal in the Southampton Leisure (LON/99/0466) appeal.

The appeal was concerned with the attribution of input tax incurred on certain professional services by the business, when it issued shares to the shareholders of Southampton Football Club Limited in exchange for their shares. Customs' view was that the services were used exclusively for the purposes of an exempt issue of shares, whereas the

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