In Lunar Missions v HMRC [2018] UKFTT 7 (4 January 2018) the FTT found that Lunar Missions had issued face value vouchers which were single purpose vouchers so that the consideration was taxable at the time the vouchers were issued (VATA 1994 Sch 10 para 7A).
Lunar Missions planned to send an unmanned robotic landing module to the moon and to drill down to a depth of at least 20m. As part of this endeavour a ‘time capsule’ would be buried on the moon. Lunar Missions had raised £672 447 through a crowdfunding platform known as Kickstarter.
The issue was whether Lunar Missions was liable to account for output tax in relation to supplies of services at the time it received payment. This in turn depended on whether the sums it received represented a prepayment of consideration for supplies of...
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In Lunar Missions v HMRC [2018] UKFTT 7 (4 January 2018) the FTT found that Lunar Missions had issued face value vouchers which were single purpose vouchers so that the consideration was taxable at the time the vouchers were issued (VATA 1994 Sch 10 para 7A).
Lunar Missions planned to send an unmanned robotic landing module to the moon and to drill down to a depth of at least 20m. As part of this endeavour a ‘time capsule’ would be buried on the moon. Lunar Missions had raised £672 447 through a crowdfunding platform known as Kickstarter.
The issue was whether Lunar Missions was liable to account for output tax in relation to supplies of services at the time it received payment. This in turn depended on whether the sums it received represented a prepayment of consideration for supplies of...
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:
