VAT input tax recovery for MBO acquisition vehicle allowed (First-tier Tribunal) | Practical Law

VAT input tax recovery for MBO acquisition vehicle allowed (First-tier Tribunal) | Practical Law

In a decision released on 11 November 2012 (hearing 14 January 2011) the First-tier Tribunal held that a newly formed company, established to acquire and manage a target company in a management buyout was entitled to recover input tax on professional fees incurred during the acquisition process (Cloud Electronics Holdings Limited v HMRC [2012] UKFTT 699 (TC)).

VAT input tax recovery for MBO acquisition vehicle allowed (First-tier Tribunal)

Practical Law UK Legal Update 5-522-6548 (Approx. 5 pages)

VAT input tax recovery for MBO acquisition vehicle allowed (First-tier Tribunal)

by PLC Tax
Published on 27 Nov 2012 • United Kingdom
In a decision released on 11 November 2012 (hearing 14 January 2011) the First-tier Tribunal held that a newly formed company, established to acquire and manage a target company in a management buyout was entitled to recover input tax on professional fees incurred during the acquisition process (Cloud Electronics Holdings Limited v HMRC [2012] UKFTT 699 (TC)).