LON (89/116)

No. 5678

Decision given 22 February 1991.

Input tax – Exempt supplies – Raising of capital – Services of accountants and solicitors – Advice given to company concerning raising of capital by share issue or bank loan – Whether partly referable to company’s taxable business – Value Added Tax Act 1983, Sch. 6, Grp. 5, item 1.

  The issue was whether input tax was rightly deducted by the appellant on two invoices submitted by accountants and solicitors for their advice to the appellant on raising share capital.

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