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Legal provisions

Articles 135.1 (b) and 135.1 (d) of »Ê¹ÚÌåÓýapp VAT directive exempt:

the granting and the negotiation of credit and the management of credit by the person granting it;�

transactions, including negotiation, concerning � debts � but excluding debt collection and factoring.

»Ê¹ÚÌåÓýapp above have been enacted into UK law as the VAT Act 1994, Schedule 9, Group 5, items 1, 2 and 2A, which exempt:

»Ê¹ÚÌåÓýapp issue, transfer or receipt of, or any dealing with, money, any security for money or any note or order for the payment of money.

»Ê¹ÚÌåÓýapp making of any advance or the granting of any credit.

»Ê¹ÚÌåÓýapp management of credit by the person granting it.