V4.279 Bank notes

This paragraph considers the zero-rating extended to the issue of bank notes which is conferred by VATA 1994, Sch 8, Group 11.

Issues of bank notes (item 1)—bank notes (zero-rating)

VATA 1994, Sch 8, Group 11 is made up of a single item which zero-rates the issue by a bank of a note payable to bearer on demand.

Reciprocity fees

It was held in Royal Bank of Scotland plc1 that 'reciprocity fees', ie charges made by one bank to another in respect of the use of automated cash machines by customers, do not amount to consideration for a zero-rated supply

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial