Finance houses, in broad terms, facilitate the acquisition of plant and equipment, vehicles or consumer durables. In many cases, this will be by way of instalment credit finance in a hire-purchase, conditional sale or credit sale agreement; in other cases by various forms of equipment leasing. Sometimes different classes of business may be undertaken by the same company; in others by separate companies within a group.

The essence of a hire-purchase or credit sale agreement is that it involves the supply of goods (VATA 1994, Sch. 4, para. 1(2)(b)). This applies where the possession of goods is transferred:

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