§ Mr. MaudeTo ask the Chancellor of the Exchequer what external legal advice he has received regarding the VAT treatment of(a) speculative and (b) supportive foreign exchange transactions following the judgment of the European Court in the First National Bank of Chicago case (Case C-172/96). [85676]
§ Dawn PrimaroloAs is usual following European Court decisions, external legal advice was not sought. Internal legal advisers are on hand and the legal finding of the Court is clear.
§ Mr. MaudeTo ask the Chancellor of the Exchequer, pursuant to Her Majesty's Customs and Excise Business Brief 16/98, what representations he has received with regard to VAT on foreign exchange transactions following the judgment of the European Court in the First National Bank of Chicago case (Case C-172/96). [85677]
§ Dawn PrimaroloFollowing Customs' Business Brief 16/98, representations have been received from one interested trade body and one firm of Accountants.