Queen’s Bench Division.

Judgment delivered 5 December 1974.

Value added tax – Meaning of ‘consideration’ – Supplies of insurance services – Whether supply by principal or agent – Whether sum paid as consideration for services or as re-imbursement of costs – Meaning of ‘provision of insurance’ – Whether supplies exempt – Finance Act 1972, sec. 5(2); Sch. 5, Grp. 2, item 1, (now Value Added Tax Act 1983, sec. 23; Sch. 6, Grp. 2, item 1).

  This was an appeal by the taxpayer, the National Transit Insurance Co. Ltd., against a decision of the London Value Added Tax (VAT) Tribunal.

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