LON (95/3076)

No. 14,466

Decision given 30 July 1996.

Supply – Consideration – Subscription for debentures by members of golf club – Purchase of debenture required for most classes of membership – Whether purchase was non-monetary consideration for taxable supply of membership – Whether exempt supply of security – Value Added Tax Act 1994, s. 5 and Sch. 9, Grp. 5, item 6; Directive 77/388, the sixth VAT directive, art. 11(A)(1).

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