Court of Appeal (Civil Division).

Ward and Laws LJJ and Bell J.

Judgment delivered 13 July 2000.

Value added tax – Exemption – Finance – Credit card services supplied to banks – Settlement of liabilities between card issuers, retailers and other merchants and acquirers – Whether taxpayer made transfers of money – Whether a single core supply and if so, what was the core supply – Whether core supply as identified was a taxable supply – Sixth Council directive (Directive 77/388) of 17 May 1977 (OJ 1977 L145/1), art. 13(B)(d)(3).

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