Michael Conlon QC, of Pump Court Tax Chambers, highlights VAT problems which can arise in property transactions involving nominees
Michael Conlon QC of Pump Court Tax Chambers highlights VAT problems which can arise in property transactions involving nominees
As any enthusiast of detective stories knows a key question when trying to solve a crime is: cui bono? First used by Cicero this translates as: who stands to gain? Who will benefit? The answer usually produces a motive and then the prime suspect! In VAT cases however general principles are that motive is usually irrelevant and VAT liability attaches only to the person who has made the supply. To this second principle there is an important statutory exception in property cases which is often overlooked.
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Michael Conlon QC, of Pump Court Tax Chambers, highlights VAT problems which can arise in property transactions involving nominees
Michael Conlon QC of Pump Court Tax Chambers highlights VAT problems which can arise in property transactions involving nominees
As any enthusiast of detective stories knows a key question when trying to solve a crime is: cui bono? First used by Cicero this translates as: who stands to gain? Who will benefit? The answer usually produces a motive and then the prime suspect! In VAT cases however general principles are that motive is usually irrelevant and VAT liability attaches only to the person who has made the supply. To this second principle there is an important statutory exception in property cases which is often overlooked.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
