The UK high court waived over £14 million ($17.35 million) in value-added tax invoicing and record-keeping penalties for a taxpayer because of its customer contracts.
The Upper Tribunal judgment on Tuesday revised the First Tier Tribunal’s outcome because it found that the company, Qubic Advisory Services Limited, was not in scope of the record-keeping requirements under the VAT law regarding gold imports and exports based on its contractual arrangements with customers.
His Majesty’s Revenue and Customs imposed penalties as a result.
The taxpayer appealed the lower court’s decision that first upheld the penalties on nine grounds. The high court only ...
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