Input tax recovery: BAA fails to take off in the Court of Appeal
In the Court of Appeal, BAA Ltd has lost its battle to recover £6.7m of input tax incurred by a special purchase vehicle (SPV) during the course of its takeover of BAA Plc. The SPV was found not to be engaged in ‘economic activity’ for the purposes of VAT, at the time that it incurred the liability to pay VAT on professional services. In addition, it was emphasised that automatic VAT recovery for an SPV holding company should not be assumed as the acquisition and holding of shares is not sufficient to constitute economic activity for the purposes of VAT.
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Briefings from Nabarro
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Nabarro has released the May 2013 edition of its Real Estate newsletter.
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