FTT Rules in Favor of VAT Exemption for Financial Intermediary Services in Performance Leads Case

• The FTT ruled in favor of Performance Leads Ltd in a VAT exemption case against HMRC.
• Performance Leads provides lead generation services to financial advisors through websites.
• HMRC argued the services were advertising, not financial intermediation.
• The FTT found the services qualified as VAT exempt financial intermediary services.
• The case focused on whether the services brought together parties seeking and providing financial services.
• The FTT determined the services involved sufficient data checking and filtering.
• The issue of work preparatory to contract conclusion was deemed irrelevant in this case.
• The judgement is significant for financial intermediaries regarding VAT exemption.
• Financial intermediaries are advised to review their VAT position in light of this ruling.

Source: saffery.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.