Commentary

BB/25/95 VAT treatment of transactions in bills of exchange and other securities for money

Part V16 Forms and other HMRC material

BB/25/95 VAT treatment of transactions in bills of exchange and other securities for money

BB/25/95 VAT treatment of transactions in bills of exchange and other securities for money

Business Brief, Issue 25. 20 November 1995

Customs and Excise will now treat any issue of, or dealings in, securities for money failing under VATA 1994 Sch 9 Group 5 item 1 [formerly VATA 1983 Sch 6 Group 5 item 1] as a supply of services. This follows the change in policy concerning transactions in commercial paper (see Business Brief, Issue 11, 9 August 1991 [Simon's Tax Intelligence 1991 p 75]).

In addition to commercial paper, securities for money under item 1 include bills of exchange, trading coupons,

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