||All England Reporter
|| All ER (D) 195 (Apr)
|| EWHC 824 (Ch)
||Amanda Tipples (instructed by the Solicitor for Revenue and Customs) for the commissioners.
||Andrew Hitchmough (instructed by Penningtons LLP) for the taxpayer.
||12 April 2006
Value added tax - Supply of goods or services - Supply - Gas and electricity - Taxpayer and third party entering into netting agreement for supply of gas and electricity - Netting agreement leading to set-off between parties - Commissioners making VAT assessment on basis that date of payment for supplies falling within relevant accounting period - Whether commissioners using correct payment date - Whether assessment valid.
Where the amount of consideration payable under a transaction was affected by a set-off arrangement, there were usually two separate supplies involved by way of barter and it was therefore necessary to identify those mutual supplies so that VAT was charged and accounted for in each direction. Applying those principles to the netting agreement entered into by the taxpayer, the court dismissed the commissioners' appeal on the basis that having considered the relevant set-offs, the assessment had been based on the wrong date and was therefore invalid.
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