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Value added tax – Input tax. The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) upheld the decision of the First-tier Tribunal (Tax Chamber) to allow the appeal brought by the taxpayer University of Cambridge against a decision of the Revenue and Customs Commissioners to refuse the university's claim to deduct some of the VAT paid in respect of services supplied to the university by managers of the Cambridge University Endowment Fund. The tribunal decided that the costs associated with the university's investment activity had been part of the university's overheads and, as such, deductible in accordance with the agreement existing between the university and the Revenue.
Value added tax – Input tax. The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) upheld the decision of the First-tier Tribunal (Tax Chamber) to allow the appeal brought by the taxpayer University of Cambridge against a decision of the Revenue and Customs Commissioners to refuse the university's claim to deduct some of the VAT paid in respect of services supplied to the university by managers of the Cambridge University Endowment Fund. The tribunal decided that the costs associated with the university's investment activity had been part of the university's overheads and, as such, deductible in accordance with the agreement existing between the university and the Revenue.
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