Finance and financial services

Advance or granting of credit

Generally

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(b) ; VATA94 Sch. 9, Grp. 5, item 2

Intermediary services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5, Note (5)-(5B)

Management

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (1A), (2A), (2B)

Supply of credit in connection with supply of goods or services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (3)

Attribution of input tax

Legislation/Regulatory – SI 1995/2518 reg. 103B

Banks and financial institutions

– see Banks and financial institutions

Booking fees on concert ticket purchases

Case Law – Revenue and Customs Commissioners v National Exhibition Centre Ltd [2015] BVC 506

Books of vouchers sold to car dealers

Case Law – R v Commissioners of Customs and Excise, ex parte F & I Services. [2001] BVC 347

Car sold with insurance

Case Law – Peugeot Motor Co plc & Anor v Customs and Excise Commissioners. [2004] BVC 269

Charge for credit

Commentary – VAT Reporter ¶40-000

Coins or banknotes

Collectors' items

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(e) ; VATA94 Sch. 9, Grp. 5, Note (2)

Generally

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(e)

Collection of monthly dental plan fees

Case Law – AXA UK plc [2008] BVC 2,023

Collective investment scheme, meaning

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (10)

Commodities

– see Commodities

Credit and charge cards

Card-handling fees

Case Law – Bookit Ltd v Revenue and Customs Commissioners. [2005] BVC 612 ; Bookit Ltd v Revenue and Customs Commissioners. [2006] BVC 605 ; Bookit Ltd. [2004] BVC 2,229 ; Debenhams Retail plc v Customs and Excise Commissioners. [2004] BVC 554 ; Revenue and Customs Commissioners v Debenhams Retail plc. [2005] BVC 425 ; Scottish Exhibition Centre Ltd v Revenue and Customs Commissioners. [2007] BVC 716 ; Scottish Exhibition Centre Ltd. [2005] BVC 2,529

Co-branded credit card

Case Law – Prudential Assurance Co Ltd. [2006] BVC 2,340

Fuel cards

Case Law – The Harpur Group Ltd. [1995] BVC 841

Processing of transactions for banks

Case Law – Customs and Excise Commissioners v FDR Ltd. [2000] BVC 311 ; FDR Ltd. [1999] BVC 2,248

Protection plan

Case Law – Card Protection Plan Ltd v. Customs and Excise Commissioners. [1992] BVC 157 ; Card Protection Plan Ltd. (1990) 5 BVC 956

Retailers and merchant charges

Case Law – Customs and Excise Commissioners v. Diners Club Ltd.; Customs and Excise Commissioners v. Cardholder Services Ltd. (1988) 3 BVC 233 ; Customs and Excise Commissioners v. Diners Club Ltd; Customs and Excise Commissioners v. Cardholder Services Ltd. (1989) 4 BVC 74 ; The Diners Club Ltd; Cardholder Services Ltd. (1987) 3 BVC 525

Credit negotiator, reliance on sixth directive before implementation

Case Law – Kloppenburg v. Finanzamt Leer (Case No. 70/83). (1984) 3 BVC 65 ; Weissgerber v. Finanzamt Neustadt an der Weinstraße (Case 207/87). (1990) 5 BVC 190 ; Weissgerber v. Finanzamt Neustadt an der Weinstraße (Case 207/87). [1991] BVC 40

Credit transactions

– see Credit transactions

Current, deposit or savings accounts

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(d) ; VATA94 Sch. 9, Grp. 5, item 8

Debt collection

Generally

Case Law – HBOS plc v Revenue and Customs Commissioners. [2009] BVC 48 ; HBOS plc. [2007] BVC 2,394

Negotiation with credit card customers in arrears

Case Law – Barclays Bank plc [2008] BVC 2,189

Payment handling services supplied to dentists

Case Law – AXA UK plc [2008] BVC 2,023 ; Revenue and Customs Commissioners v AXA UK plc (Case C-175/09). [2011] BVC 35 ; Revenue and Customs Commissioners v AXA UK plc. [2008] BVC 605 ; Revenue and Customs Commissioners v Axa UK plc. [2012] BVC 1

Election to tax

Legislation/Regulatory – Dir. 2006/112 art. 137(1)(a)

Electronic

– see Electronic banking, finance and insurance services

Exemption

Commentary – VAT Reporter ¶40-000

Finance charges in group leasing arrangements

Case Law – Freight Transport Leasing Ltd. [1991] BVC 536

Financial institutions, money laundering

– see Money laundering

Financial services cases

– see Tribunal Procedure Rules

Fund management services

Case Law – Abbey National plc. [2002] BVC 2,077

Generally

Commentary – VAT Reporter ¶27-400

Granting, negotiation and management of credit

Credit arrangements

Case Law – Customs and Excise Commissioners v. Guy Butler (International) Ltd. Guy Butler (International) Ltd. v. Customs and Excise Commissioners. (1975) 1 BVC 41 ; Customs and Excise Commissioners v. Guy Butler (International) Ltd. Guy Butler (International) Ltd. v. Customs and Excise Commissioners. (1976) 1 BVC 84

Credit card facilities

Case Law – Civil Service Motoring Association. [1996] BVC 2,790 ; Customs and Excise Commissioners v. Civil Service Motoring Association. [1997] BVC 203 ; Customs and Excise Commissioners v. Civil Service Motoring Association. [1998] BVC 21

Debt collection

Case Law – HBOS plc v Revenue and Customs Commissioners. [2009] BVC 48 ; HBOS plc. [2007] BVC 2,394

Financial adviser acting as sub-agent

Case Law – Ludwig v Finanzamt Luckenwalde (Case C-453/05). [2009] BVC 967

Non-bank endorser of affinity or co-branded credit cards

Case Law – Customs and Excise Commissioners v BAA plc. [2002] BVC 463 ; Customs and Excise Commissioners v BAA plc; Institute of Directors v Customs and Excise Commissioners. [2003] BVC 112 ; Institute of Directors. [2002] BVC 2,065

Outsourcing

Case Law – Customs and Excise Commissioners v Electronic Data Systems Ltd. [2003] BVC 451 ; Electronic Data Systems Ltd. [2002] BVC 2,190

Services in relation to hire-purchase facilities

Case Law – Customs & Excise Commissioners v. Lloyds TSB Group Ltd & Anor. [1998] BVC 173

Initial charge for investment in PEP's

Case Law – Ivory & Sime Trustlink Ltd v. Customs and Excise Commissioners. [1998] BVC 191

Instalment credit finance

Administration fees

Legislation/Regulatory – BB 27/1999-1 ; VATA94 Sch. 9, Grp. 5, item 4

Generally

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 3

Instalment credit finance, administration fee

Case Law – Wagon Finance Ltd. [2000] BVC 2,125

Interest rate caps

Commentary – VAT Reporter ¶40-200(28)

Intermediary services

Generally

Legislation/Regulatory – BB 18/2003-2 ; VATA94 Sch. 9, Grp. 5, item 5, Note (5)-(5B)

Case Law – Bloomsbury Wealth Management LLP [2012] TC 02063

Introduction of credit card

Case Law – BAA plc. [2001] BVC 2,405

Non-bank endorser of affinity or co-branded credit cards

Investments

– see Financial investments

Isle of Man

Commentary – VAT Reporter ¶40-000

Issue, transfer or receipt or any dealings with money

Exclusions

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (1)

Generally

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(e) ; VATA94 Sch. 9, Grp. 5, item 1

Intermediary services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5, Note (5)-(5B)

Preparatory services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (1A)

Underwriting of an issue

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5A

Leasing

– see Equipment leasing and rental

Legal fees paid by borrower

Commentary – VAT Reporter ¶19-118

Loan repayments not a supply

Commentary – VAT Reporter ¶11-014

Management of authorised unit trust

Case Law – Prudential Assurance Co Ltd. [2001] BVC 2,201

Management of authorised unit trust schemes or trust based schemes

Authorised unit trust scheme, meaning

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (6)

Generally

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 9

Operator, meaning

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (6)

Trust based scheme, meaning

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (6)

Management of credit

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(b)

Management of special investment funds

Legislation/Regulatory – BB 7/2006-3 ; Dir. 2006/112 art. 135(1)(g) ; HMRCBrf 35/2008 ; HMRCBrf 48/2008 ; HMRCBrf 58/2007 ; HMRCBrf 65/2007

Case Law – Abbey National plc and Inscape Investment Fund v Customs and Excise Commissioners (Case C-169/04). [2008] BVC 488 ; JP Morgan Fleming Claverhouse Investment Trust plc & Association of Investment Trust Companies v Revenue and Customs Commissioners (Case C-363/05). [2010] BVC 337 ; Staatssecretaris van Financien v Fiscale Eenheid X NV cs (Case C-595/13) [2016] BVC 1

Monetary

– see Banks and financial institutions

Nature of supply

Case Law – Lindum Resources Ltd. [1995] BVC 1,118

Negotiation and management of credit guarantees

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(c)

Non-monetary

– see Banks and financial institutions

Notes or orders for payment of money

Exclusions

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (1)

Generally

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 1

Intermediary services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5, Note (5)-(5B)

Preparatory services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 1, Note (1A)

Underwriting of an issue

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5A

Open-ended investment companies, management of scheme property

Generally

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 10

Scheme property, meaning

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (8)

Open-ended investment company, meaning

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (10)

Outsourcing

Generally

Case Law – Continuum (Europe) Ltd. [1998] BVC 2,131 ; Customs and Excise Commissioners v Electronic Data Systems Ltd. [2003] BVC 451 ; Electronic Data Systems Ltd. [2002] BVC 2,190

Outsourced services to mortgage lenders

Case Law – Morpheus 2002 Ltd. [2007] BVC 2,224

Place of supply

Generally

Legislation/Regulatory – VATA94 Sch. 4A, para. 16(2)(e)

Non-taxable persons outside the Community

Legislation/Regulatory – Dir. 2006/112 art. 59(e)

Reverse charge

Legislation/Regulatory – VATA94 s. 8

Portfolio management services

Case Law – Finanzamt Frankfurt am Main V-Höchst v Deutsche Bank AG (Case C-44/11). [2012] BVC 596

Registration

Commentary – VAT Reporter ¶43-075

Securities and secondary securities

Generally

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(f) ; VATA94 Sch. 9, Grp. 5, item 6

Intermediary services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5, Note (5)-(5B)

Underwriting of an issue

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5A

Securities for money

Exclusions

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (1)

Generally

Legislation/Regulatory – Dir. 2006/112 art. 135(1)(c) ; VATA94 Sch. 9, Grp. 5, item 1

Intermediary services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5, Note (5)-(5B)

Preparatory services

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, Note (1A)

Underwriting of an issue

Legislation/Regulatory – VATA94 Sch. 9, Grp. 5, item 5A

Securitisation

Case Law – Capital One Bank (Europe) plc. [2006] BVC 2,148 ; MBNA Europe Bank Ltd v Revenue and Customs Commissioners. [2007] BVC 3 ; MBNA Europe Bank Ltd. [2006] BVC 2,395

Services of reporting accountants to share flotation

Case Law – Nightfreight plc. [1998] BVC 2,232

Standard-rating of certain supplies

Commentary – VAT Reporter ¶40-000

Supplies by

Financial Ombudsman Services Ltd to ombudsman authorities

Legislation/Regulatory – ESC 3.23

Financial Services Authority to self-regulating organisations

Legislation/Regulatory – ESC 3.28

Financial Services Compensation Scheme Ltd (FSCS) to compensation scheme authorities

Legislation/Regulatory – ESC 3.31

Supply to person in another member state, invoices

Legislation/Regulatory – SI 1995/2518 reg. 13(1B)

Transactions in securities

Immovable property

Case Law – DTZ Zadelhoff vof v Staatssecretaris van Financiën (Case C-259/11). [2012] BVC 471

Meaning

Case Law – Customs & Excise Commissioners v CSC Financial Services Ltd (Case C-235/00). [2002] BVC 253

Underwriting guarantee

Case Law – Skandinaviska Enskilda Banken AB Momsgrupp v Skatteverket (Case C-540/09). [2011] BVC 464

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