Commentary

RCB/4/17 Judgment of the Supreme Court in Investment Trust Companies

Part V16 Forms and other HMRC material

RCB/4/17 Judgment of the Supreme Court in Investment Trust Companies

RCB/4/17 Judgment of the Supreme Court in Investment Trust Companies

Revenue & Customs Brief, Issue 4. 19 December 2017

Purpose of this brief

This brief sets out the HM Revenue and Customs' (HMRC) view of the judgment of the Supreme Court in Investment Trust Companies (ITC) (in liquidation) v HMRC.

ITC was about claims made by final consumers against HMRC for VAT that had been wrongly charged to them by their suppliers.

This brief replaces RCB/15/13 published on 10 July 2013.

Readership

This brief is aimed primarily at professional tax advisors and lawyers, although it may be of interest to others.

Action

HMRC doesn't require any action to be taken.

HMRC will be writing to those traders who have already put in High Court or County Court claims.

Section 80 claims

A person who makes “taxable supplies” (a “taxable person”) must register for VAT and charge VAT on the supplies of goods and services that they make to their customers.

In the course of making their taxable supplies, the taxable person will buy in supplies of goods or services from other traders who will have

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