UK Taxpayer Spared £14 Million VAT Penalty on Gold Imports Due to Customer Contracts

• UK high court waived over £14 million in value-added tax penalties for a taxpayer
• The company, Qubic Advisory Services Limited, was found not to be in scope of record-keeping requirements under VAT law
• The decision was based on the company’s contractual arrangements with customers
• The Upper Tribunal revised the First Tier Tribunal’s outcome on Tuesday

Source: news.bloomberglaw.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.