The RBS case and insurance intermediation for VAT purposes.
The thorny issue of what is insurance intermediation for VAT purposes has come once more into the spotlight in Royal Bank of Scotland v HMRC [2012] EWHC 9 (Ch). Could this case benefit from a new review by the Tribunal of comparable exemptions conferred in pre-brokered packaged insurance arrangements applying the principles of neutrality developed in HMRC v Rank Group Plc (Case C-259/10)?
In the RBS case the Tribunal and High Court have both stated that future consideration after the original sale of Prudential’s general insurance portfolio to Winterthur Switzerland could not be a transfer of going concern as that was a non-VAT registered...
