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Claiming input tax in light of recent Revenue guidance
KEY POINTS
- As a result of the decision in BAA Ltd HMRC have reviewed their guidance on VAT and holding companies.
- In the Polysar case the CJEU determined that the holding company had to undertake an economic activity.
- News Release 59/93 which set out what has been the policy on holding company recovery from then to now.
- HMRC’s guidance envisages two situations in which a holding company can recover VAT.
- In two recent First-tier Tribunal cases HMRC’s view that consideration must pass has been upheld.
In Revenue & Customs Brief 32 (2014) HMRC announced that they have reviewed their policy on the recovery of input tax as a result of the Court of Appeal’s decision in BAA Ltd v HMRC [2013] STC 752.
The brief...
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