Glint Pay Services Ltd (Glint) operated an app and payment card interface enabling its clients (members of the public) to buy gold from it and sell gold to it – in effect, using the gold as money via the app and debit card. Glint maintained that it had a legitimate expectation based on the content of a memorandum of understanding between the LBMA and another precious metals market and HMRC (the MOU) that its supplies should be zero-rated. The Court was of the view that the intention behind the MOU was for zero-rating to apply to dealings on the London wholesale markets, and not to retail sales, such as those carried out by Glint.
Source: rpc.co.uk
Latest Posts in "United Kingdom"
- HMRC Updates VAT Refund Guidance for New Charity Buildings and DIY Housebuilders Scheme
- Supreme Court Rules NHS Trusts Must Charge VAT on Car Parking Without Binding Legal Exemption
- VAT Penalty Overturned: Tribunal Accepts Combined Personal and Operational Crises as Reasonable Excuse
- HMRC Signals VAT Reform: Care Home Crackdown and Major Capital Goods Scheme Threshold Hike
- HMRC v Moir Management: Penalties for Failure to Notify Notifiable Arrangements and Reasonable Excuse Considered
