First National Bank of Chicago v Customs and Excise Comrs

Subject Matter

REVENUE — Value added tax — Supply of goods or services — Taxable amount — Bank making no charge for foreign exchange dealing for customers — Bank's profit from spread between bid and offer prices — Whether foreign exchange transactions supply of services for consideration — What constituting taxable amount — Council Directive (77/388/EEC), arts 2(1), 11(A)(1)(a)

[1999] QB 570; [1999] 2 WLR 230