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Almost a year after the Advocate General issued an opinion the European Court of Justice ruled on the long-running Bond House case (not to be confused with the London City Bond case which relates to continuing criminal investigations by the police) on 12 January 2006 in a judgment that has serious ramifications for HMRC.
As a direct result of the ruling HMRC face VAT refunds of almost £40 million and the judgment is likely to prompt a rash of similar claims for refunds.
What's it all about?
The Bond House case concerns a type of VAT fraud known as missing trader intra community fraud or carousel fraud prevalent in the mobile phone and computer chip industries.
The European Court's decision deals with three cases referred to it namely Optigen Ltd (C-354-03) Fulcrum Electronics Ltd (C-355/03) and Bond House Systems Limited (C-484/03) all concerning the question...
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