In Bluejay Mining plc v HMRC [2020] UKFTT 473 (TC) (18 November 2020) the FTT held that a holding company was making supplies for consideration and was engaged in an economic activity for VAT purposes. It was therefore entitled to recover input VAT on its costs.
Bluejay was a UK incorporated holding company operating in the mineral exploration and mining industry (across various jurisdictions). It provided technical services to its subsidiaries and amounts invoiced for the services were added to the subsidiaries’ loan accounts.
HMRC sought to argue that the contract for services and loan agreement between Bluejay and its subsidiaries should be recharacterized such that it should be viewed as a single agreement providing for contingent consideration to be paid to Bluejay only if a project were successful. In addition the provision of the services was not to generate income on a...
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In Bluejay Mining plc v HMRC [2020] UKFTT 473 (TC) (18 November 2020) the FTT held that a holding company was making supplies for consideration and was engaged in an economic activity for VAT purposes. It was therefore entitled to recover input VAT on its costs.
Bluejay was a UK incorporated holding company operating in the mineral exploration and mining industry (across various jurisdictions). It provided technical services to its subsidiaries and amounts invoiced for the services were added to the subsidiaries’ loan accounts.
HMRC sought to argue that the contract for services and loan agreement between Bluejay and its subsidiaries should be recharacterized such that it should be viewed as a single agreement providing for contingent consideration to be paid to Bluejay only if a project were successful. In addition the provision of the services was not to generate income on a...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
