The Abbey National case and virtual assignments.

Australasian Business Intelligence, September, 2006

Byline: Matthew Desborough-Hurst

Sep 29, 2006 (International Tax Review - ABIX via COMTEX) -- The British Court of Appeal ruled in the "Abbey National" case that a right of occupation was an essential part of a transaction of leasing. The case involved Abbey National entering into a sale and leaseback arrangement with another company, Mapeley. The court decided that, as Mapeley acquired no right of occupation of the properties and could not transfer such a right back to Abbey, the supply was not a supply of "leasing or letting" as defined in the Sixth Directive. Therefore, the supply was not exempt from value added tax.

Publication Date: September 2006

GREAT BRITAIN. CUSTOMS AND EXCISE

MAPELEY

ABBEY NATIONAL PLC

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