The taxpayer is the representative member of the Cantor Fitzgerald Group VAT group. A group member, CFE, began trading in carbon credit transactions. Between 18 May 2009 and 3 June 2009, CFE purchased carbon credits in 17 separate transactions for its own taxable business, the onward (taxable) supply of carbon credits. HMRC denied recovery on the basis that:
- they were not valid invoices – they did not show the customer’s name (i.e. CFE) and the supplier was not registered for VAT (and never subsequently registered and accounted for the VAT);
- the transactions were connected to fraud; and
- that Tower Bridge failed to conduct reasonable due diligence in relation to the transactions.
Source KPMG
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