UT/2023/000067 - [2024] UKUT 00106 (TCC)

It is convenient to summarise the parties’ submissions in relation to Grounds 1 and 2, which are closely related, together. Ground 1 was that the FTT had ignored the terms and effect of a waiver between QASL’s customer and BullionVault which meant that the Designated Employee did not have any right to seek or take possession of the gold. Ground 2 was that the FTT had wrongly applied the terms of the Notice more widely than was permitted by regulation 31A(1)(b) VAT Regulations.