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Conclusion on exemption issue
Conclusion on exemption issue
In conclusion if we were wrong in our conclusion on the single/multiple supply issue and there were multiple separate supplies of Business Delivery services or a composite supply of Business Delivery service then we would have rejected CBNA’s case that the FTT had erred in reaching its conclusion that such supplies were not exempt. We would have reached that same conclusion as the FTT, had it become necessary, on the basis that none of the services that CBNA provided to SPLC amounted to transactions in securities or negotiation in securities within the scope of the relevant exemption.
- Heading
- Introduction
- Legal principles relevant to single vs multiple supplies issue
- The FTT Decision - background facts
- Group structure
- Contractual materials
- The 2006 GMSA
- The Addendum
- The Expense Allocation Policy
- Specimen Invoice
- The Inter-entity tax invoicing tool
- Actual invoices
- The 2019 GMSA
- The FTT’s reasoning on the single vs multiple supply issue
- Grounds of appeal
- Ground 1: The FTT misconstrued key aspects of the contracts in issue before it
- Discussion
- Ground 2 : the FTT ignored other aspects of those contracts that were material
- Key provisions of the 2019 GMSA inconsistent?
- Ground 3: The FTT concluded that because the contracts reflected economic reality, it was not necessary to ‘go behind’ them, and so failed to (i) recognise the limitations of those contracts and (ii)
- Ground 4: the FTT misapplied the key factors of indivisibility and indispensability, equating those factors with the existence of ‘close links’ and ‘necessity’
- Ground 5: The FTT misapplied the concept of separate availability
- Ground 6: The FTT placed undue (and in any event incorrect) reliance on invoicing
- Other submissions – who is the typical consumer?
- Conclusion on single vs. multiple supplies grounds
- The exemption issue
- Law
- The FTT Decision regarding the Exemption issue
- Scope of securities exemption
- Case-law on securities exemption
- Discussion on scope of securities exemption
- CBNA’s ground of appeal that the FTT’s conclusion was inconsistent with other findings
- Negotiation in securities?
- Edwards v Bairstow errors
- CBNA’s challenge to application of principles to facts
- Conclusion on exemption issue
- The classification issue
- Conclusions