LON (95/2887)

No. 16,040

Decision given 20 April 1999.

Exempt supplies – Finance – Outsourced credit card transactions – Settlement of liabilities between card issuers and merchant acquirers – Whether netting-off involved payment – Whether certain ancillary activities part of the composite core supply – Whether appellant ‘making arrangements’ for transfer or receipt of money – Directive 77/388, the sixth VAT directive, art. 13(B)(d)(1) and 13(B)(d)(3) ; Value Added Tax Act 1994, Sch. 9, Grp. 5, items 1, 2, 5 and 8 and Note (4).

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