Etienne Wong publishes an article with Tax Journal: Everyone thought the position was clear: VAT incurred on a share sale that was an exempt supply was not recoverable whereas VAT incurred on a share sale that was a VAT ‘nothing’ was recoverable. Then SKF came along and suggested that even with VAT incurred on a share sale that was an exempt supply, there were circumstances where it would be recoverable. This was confirmed by the First-tier Tribunal and the Upper Tribunal, which both held that Hotel La Tour was able to recover the VAT it incurred on a share sale that was an exempt supply. But HMRC appealed to the Court of Appeal and the Court of Appeal disagreed.“
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“The above and the related article was first published in the 31 May 2024 issue of the Tax Journal, and is reproduced with the kind permission of the publishers. All rights reserved.”
