On 13th October 2020, Deloitte is hosting a webinar on the significance of the Ocean Finance ruling, as well as cross-border VAT considerations now and in the post-Brexit landscape.
Last week the First-Tier Tribunal released its decision in Ocean Finance, ruling that Ocean Finance’s structure was not an abuse of the law, confirming the conclusion that it had originally reached in 2010.
The loan broker, based in Jersey, outsourced its loan application processing functions to Ocean Finance in the UK, but the way that the structure had been implemented and operated satisfied all of the concerns that had been raised by the Upper Tribunal and Court of Appeal.
The decision is further confirmation of the importance of a clear and coherent contractual and operational structure if a VAT benefit is likely to result, and is one of the principal motivations behind how a business has been set up.
‘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,’ says Jo Huxtable, Tax Partner, Deloitte.
‘With the recent focus on the 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.’
During the webinar, Jo Huxtable will be joined by Deloitte’s Gary Campbell and Judith Lesar.
Mr Campbell is the Deloitte Global Leader, Indirect Tax Financial Services and a Deloitte UK partner. He has over 22 years’ experience and advises a number of multinational banks, fund managers and insurers on a range of UK and global indirect tax issues.
Judith Lesar is a Deloitte director with over 18 years’ experience, specialising in indirect tax litigation. She is a member of the Deloitte Indirect Tax Litigation, Advisory and Settlement Group.
Webinar details: Tuesday 13 October, 12.30 to 1.30pm. Click this link to join. Passcode: 985702
