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CASE: in Claims Advisory Group Ltd v HMRC [2019] TC07308, the claimant helped customers recover overcharged PPI claims levied by financial institutions and thought this service was VAT exempt vs HMRC which viewed such transactions as standard rated.
WHAT THE LAW SAYS:
Value Added Tax Act 1994, SCHEDULE 9, Group 2 relates to insurance transactions and reinsurance transactions services performed by insurance brokers, insurance agents and intermediaries.
Articles 132 and 135 of the EU Directive 2006/112/EC are mandatory and provide the underlying authority for the UK exemptions. Please note Article 132 for entities carrying out activities linked to the public sector or of public interest.
HELD: Held: Appellant was not providing insurance transactions or services related to insurance contracts and that the essence of an insurance contract is “indemnity against a risk” and that was not present in this case.
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