MAN (88/870)

No. 4427

Decision given 18 December 1989.

Assessment – Currency conversion – Supplies from abroad invoiced in both US dollars and pounds sterling – Value of pound against dollar declining before payment – Whether appellant entitled to deduct the amount actually needed to purchase the dollars on the sum shown on the invoice – Value Added Tax Act 1983, Sch. 4, para. 11(1).

  The issue was whether the appellant could claim as input tax the tax fraction of sterling amounts when the value of the dollar against the pound had changed.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.