01 August 2014
FTT Decision: British Credit Trust Ltd v HMRC
VALUE ADDED TAX – hire-purchase agreements – whether input tax on repossession costs fully allowable – subsequent adjustment to appellant’s VAT account – whether a decrease in consideration leading to an adjustment for the purposes of regulation 38 VAT Regulations 1995 – whether an entitlement to bad debt relief under section 36 VATA 1994 – whether valid claim or amendment to claim – appeal allowed
Kevin Prosser QC, instructed by Macfarlanes LLP, acted for the Appellant.
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