N and M Walkingshaw Limited v The Commissioners for HM Revenue and Customs: [2015] UKUT 0123 (TCC)

Upper Tribunal Tax and Chancery decision of Mr Justice Warren and Judge Sinfield on 18 March 2015.

Read the full decision in N & M Walkingshaw Limited v The Commissioners for HM Revenue and Customs: [2015] UKUT 0123 (TCC) .

VAT – sale of motor car on part-exchange terms – price of part-exchange car includes ‘over-allowance’ – value of supply of replacement car – periods prior to 1 August 1992 – s 10 VATA 1983 – application of ‘open market value’ – whether such value of replacement car should reflect a discount on a cash sale equivalent to the amount of the over-allowance – no – appeal dismissed.

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