Deloitte to host VAT webinar focusing on Ocean Finance

Posted: 07/10/2020

BL64_Jo huxtable deloitteDeloitte is hosting a webinar on 13 October focusing on the significance of the recent Ocean Finance ruling, as well as cross-border VAT considerations now and in the post-Brexit landscape.

Last week, the First-Tier Tribunal ruled that Ocean Finance’s structure was not an abuse of the law, confirming the conclusion it had reached in 2010.

The loan broker, based in Jersey, outsourced its loan application processing functions to Ocean Finance in the UK, but the way the structure had been implemented and operated satisfied all of the concerns that had been raised by the Upper Tribunal and Court of Appeal.

According to Deloitte, the decision is further confirmation of the importance of a clear contractual and operational structure if a VAT benefit is likely to result, and is one of the principal motivations behind a business's set-up. 
At the webinar, Jo Huxtable (pictured), Tax Partner at Deloitte, will be joined by Gary Campbell, Deloitte Global Leader, Indirect Tax Financial Services, and Judith Lesar, Deloitte Director specialising in indirect tax litigation.  

Jo Huxtable commented: "The Ocean Finance case illustrates many practical aspects of the way a company operates and what is expected to take place locally in order to support the company being established in Jersey or Guernsey for VAT purposes. 

"With the recent focus on substance regulations, it is timely to think about how the actions and decisions of company officials impact the analysis for other taxes such as VAT."

• The event takes place on Tuesday 13 October from 12.30 to 1.30pm. Click here to join, using passcode 985702

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