LON (90/1544)

No. 6637

Decision given 4 November 1991.

Input tax – Partnership – Cost of raising capital – Partners of appellant sold property to raise money to pay partnership debts – Because partnership, as opposed to partners, had no interest in property, input tax incurred in connection with sale of property, not reclaimable – Value Added Tax Act 1983, sec. 14(3).

  The issue was whether tax incurred on realisation of assets owned by partners who sold property to reduce debts owed by the appellant partnership was reclaimable as input tax by the appellant partnership.

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