[2003] UKHL 67.

House of Lords.

Lord Nicholls of Birkenhead, Lord Steyn, Lord Hoffmann, Lord Millett, Lord Walker of Gestingthorpe.

Judgment delivered 4 December 2003.

Value added tax – Supply of goods or services – Taxable amount – Consideration – Supply for consideration not wholly consisting of money – Taxpayer sold cars by way of part-exchange – Allowance for part-exchange vehicle greater than trade price obtainable by dealer for old car – Whether VAT liability on price of new car to take into account agreed part-exchange price or lower trade price.

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