LON (94/2479)

No. 13,556

Decision given 12 September 1995.

Supply – Foreign exchange transactions – Whether consideration given – Whether taxable supplies made by appellant for VAT purposes – Value Added Tax Act 1994, s. 5(2), 31(1) and 96(1) and Sch. 9, Grp. 5, item 1 and Note (2); Directive 77/388, the sixth VAT directive, art. 2(1), 6(1), 11(A)(1)(a), 13(B)(d)4 and 13(C)(b).

  The issue was whether consideration was given for foreign exchange transactions so that in VAT terms they constituted taxable supplies of services.

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