A Blue UK: leaseback none the richer

‘It is like a small child going to his father and saying: “Daddy give me sixpence to buy you a birthday present”. Of course the father does and he is pleased with the child’s present ... but only an idiot would think that the father is sixpence to the good on the transaction.’ (CS Lewis Mere Christianity)

CS Lewis’ blunt summation of the bargain that leaves Dad ‘sixpence none the richer’ gives a catchy simile for the issue before the First-tier Tribunal (FTT) in the unreported VAT sale and leaseback case of A Blue UK Ltd (TC/2019/00187) as very helpfully summarised in this journal by Julie Green (see ‘Sale and leaseback treated as a composite transaction for input VAT recovery purposes’ Tax Journal 2 September...