UK Improperly Exempted Futures Trades From VAT, ECJ Says

Law360, London (May 14, 2020, 10:56 PM BST) -- The United Kingdom failed in its duty to notify the European Commission when it gave multiple futures markets an exemption on obligations to pay value-added tax and keep detailed records, the European Court of Justice ruled Thursday.

The judgment, which found the U.K.'s exemption in violation of the commission's directive on value-added tax, doesn't mean businesses are now required to pay VAT on past transactions, according to a representative of HM Treasury. Current U.K. law means that no tax is due on derivatives trades, and this will remain the case while the country considers the next steps in light of the...

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