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Taxpayer’s right to deduct VAT upheld against Revenue’s cancellation payment claim
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High Court upholds the Tax Appeals Commissioner's decision that a provision of a relevant statute should be disapplied, affirming the taxpayer's right to deduct VAT without facing a retrospective "cancellation payment." The court found that the provisions conflicted with EU law, particularly the principles of fiscal neutrality and the right to deduct VAT, and that the taxpayer's deductions made during the option to tax were lawfully claimed and could not be clawed back upon the sale of the property.
Tax Appeals Commissioner, VAT deduction, cancellation payment, fiscal neutrality, EU law, right to deduct, VATCA 2010, taxable transactions, option to tax, immovable property, retrospective clawback, High Court decision, adjustment mechanism, Principle VAT Directive, economic activity, leasing and letting exemption.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
