Decision given 21 November 1978.

Taxable supplies – Company carrying on golf club – New members required to subscribe for bonds of the company – Whether a bond a ‘security for money’ or a ‘security’ within the Exchange Control Act 1947, sec. 42 – Whether payment for bond part of consideration for supply of rights and facilities available to a member – Finance Act 1972, Sch. 5, Grp. 5, item 1, 4 (now VATA 1983, Sch. 6, Grp. 5, item 1, 6.

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