InHMRC v F A Smart & Son[2016] UKUT 121 (18 March 2016) the UT found that input tax incurred by a farming business on the purchase of units of Single Farm Payment Entitlement (SFPE) was deductible.
The company claimed a VAT repayment of £1 054 852.28 which it had paid on its purchase of 34 477 units of SFPE. These units which were tradeable entitled the company subject to fulfilment of conditions to benefits under the EU Single Farm Payment (SFP) scheme. The issue was whether the SFPE units were services used or to be used for the purposes of the company’s taxable business supplies so that the input tax incurred on their purchase was deductible under VATA 1994 s 24.
The UT found that the FTT had been entitled to find as a matter of facts that the...
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InHMRC v F A Smart & Son[2016] UKUT 121 (18 March 2016) the UT found that input tax incurred by a farming business on the purchase of units of Single Farm Payment Entitlement (SFPE) was deductible.
The company claimed a VAT repayment of £1 054 852.28 which it had paid on its purchase of 34 477 units of SFPE. These units which were tradeable entitled the company subject to fulfilment of conditions to benefits under the EU Single Farm Payment (SFP) scheme. The issue was whether the SFPE units were services used or to be used for the purposes of the company’s taxable business supplies so that the input tax incurred on their purchase was deductible under VATA 1994 s 24.
The UT found that the FTT had been entitled to find as a matter of facts that the...
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