HMRC loses £1m VAT case against Scottish farmer
HMRC has lost a £1m VAT case on appeal at the Supreme Court against a Scottish farmer over the purchase of farm subsidy entitlements.
In a judgement issued on 29 July, the court said taxpayers can deduct VAT incurred in purchasing the rights to a subsidy, in this case entitlements to Single Farm Payments (SFPs).
Read more at Accountancy Daily.
