Dollar Financial UK Ltd v HMRC: When Must a Financial Intermediary Charge VAT?

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Executive Summary -

The decision in Dollar Financial UK Ltd v HMRC [2016] UKFTT 598 will likely be of interest to a range of participants in the lending market, and the financial services sector more generally, because it confirmed a number of helpful principles in terms of the scope of the 'financial intermediary exemption' from value added tax (VAT). In particular, it determined that an exempt intermediary, which electronically provides potentially eligible borrower profiles to a lender (in this case, a pay-day lender), could fall within the VAT exemption. The case also provides a reminder of whether a business is an intermediary or merely a conduit and/or merely providing services akin to advertising.

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