The recent key developments in VAT include the following: in Littlewoods, the CJEU has left it to the UK courts to decide whether HMRC must pay taxpayers compound interest on overpaid VAT; in Deutsche Bank, the CJEU confirmed the AG's opinion that the discretionary portfolio management services in question were taxable; the European Commission has announced the formation of a VAT Expert Group and VAT Forum; and in DTZ Zadelhoff, the CJEU held that the sale of a property company is exempt from VAT unless domestic law provides that its shares are tangible property.
