“c. the negotiation of or any dealings in credit guarantees or any other security for money … d. transactions, including negotiation, concerning deposit and current accounts, payments, transfers, debts, cheques and other negotiable instruments, but excluding debt collection.” 79. These provisions are implemented in UK domestic legislation by Item 1 Group 5 Schedule 9 VATA 1994 which provides for exemption of the following supplies: “The issue, transfer or receipt of, or any dealing with, money, any security for money or any note or order for the payment of money.” 80. It is common ground that the financial exemptions in Item 1 Group 5 are not confined to supplies made by banks or other financial institutions. 81. The appellants contend that Chips are security for money when they are issued to customers and when there are subsequent dealings in Chips. Mr Akin referred us to a number of decisions as to the meaning of the term “security for money”. 82. In Kingfisher Plc v Customs & Excise Commissioners (Decision 16332, October 1999) the VAT Tribunal was concerned with a voucher scheme whereby Provident, a financial services firm sold vouchers to the public, usually on credit. Retailers who participated in the scheme agreed in advance to accept Provident’s vouchers and they were authorised by Provident to accept vouchers in their shops. The retailers then presented the vouchers to Provident who would pay the face value of the voucher less an agreed percentage of 10%. Kingfisher argued that when goods were supplied to a customer using a voucher, the consideration for that supply was the face value of the voucher less the agreed percentage deducted by Provident. Alternatively, if the supply was at face value, Kingfisher argued that Provident made a supply to it of the services of publicising the participating retailers which was a standard rated supply on which Kingfisher was entitled to input tax credit. It is the alternative argument that is relevant for present purposes. HMCE contended that the supply by Provident to retailers was an exempt supply. 83. The VAT Tribunal (Mr Stephen Oliver as he then was), held that the supply by Provident was an exempt supply consisting of the receipt or dealing with a security for money within Item 1 Group 5. He stated as follows: “The word ‘security’ when used without qualification or in a context which demands a narrow or specific construction has a wide meaning. The voucher when presented by the customer to the participating retailer, evidences Provident’s obligation to meet the price for the goods purchased by the customer to the extent of the face value of the Voucher(s). As such it is a security within the wide meaning of that word.” 84. On appeal to the High Court (reported at[2000] STC 992 ), Neuberger J agreed with the VAT Tribunal’s conclusion. He held that that the transaction between Provident and Kingfisher fell within what are now Article 135(1)(c) and (d). 85. Mr Akin submitted that the analysis in Kingfisher was entirely consistent with observations made in Customs & Excise Commissioners v Guy Butler (International) Ltd[1976] STC 254 . That case concerned a money broker acting as an intermediary between two banks engaging in a loan transaction on the security of a certificate of deposit. The issues are not directly relevant to the present case, but Mr Akin relies on an observation of Roskill LJ at 258h where he stated as follows in relation to the term “security for money” in Item 1: “… the word ‘security’ is itself there undefined but would appear to be used in its ordinary sense, that is to say some instrument whereby the indebtedness of the borrower to the lender is by some means ‘secured’.” 86. Mr Akin placed particular reliance on a decision of the Upper Tribunal in Wiltonpark Ltd v HM Revenue & Customs[2015] UKUT 343 (TCC) (“Wiltonpark”). 87. Wiltonpark concerned the VAT treatment of vouchers known as “Secrets money” also in the context of lap dancing clubs. There are clear similarities between Chips and Secrets money, and some differences. Dancers received Secrets money which customers had purchased from the clubs and when they came to redeem them they were charged a 20% commission. Unlike Chips, customers could also use Secrets money to purchase food and drink from the clubs and only dancers could redeem Secrets money. Wiltonpark contended that the services it provided in exchange for the 20% commission were exempt pursuant to Item 1 Group 5. 88. For present purposes it is relevant that the FTT held that Secrets money was ‘security for money’. The FTT also held that the commission was consideration for the supply to dancers of a broad set of services including access to the taxpayer’s facilities and access to a broader market of non-cash customers. We shall return to that aspect of the case below. 89. On appeal, the Upper Tribunal held that the Secrets money vouchers were security for money. At [26] – [30] Rose J as she then was stated as follows: “ Are the vouchers ‘security for money’ within the meaning of Item 1 26. I can deal with this first issue quite shortly as I am entirely in agreement with the reasoning and conclusions of the Tribunal as set out in the Decision. The Tribunal held (paragraph 70) that ‘security’ in Item 1 has a wide meaning and that nothing within the VAT Act restricts such meaning. When presented for redemption by a dancer , a voucher clearly evidences, albeit implicitly, a Secrets company’s obligation to meet the value stated on its face. They held that security for money can be issued without the issuer being a person within Note (4) to Group 5. The fact that Secrets suffer no significant exposure to credit risk as a result of their being the subject of chargebacks was irrelevant. 27. In my judgment, the voucher is given by the club patron to the dancer as an assurance to her that he has, by buying the Secrets money, made an arrangement with the club which means that she can confidently dance for him or provide table company without being paid by him in cash. This is because she knows, on taking the Secrets money, that she will be paid for her services at the end of the evening on redeeming the voucher. The voucher is given to the dancer by the patron precisely as a security for the money that the patron wants to pay her and which she will receive from the club when she redeems the voucher. It is well within the ordinary meaning of the words used in Item 1. 28. HMRC say that this is not a security for money because there is no extension of credit by the dancer, or even by the club, to the customer. However, I do not see that this is a necessary element and that was not part of the reasoning of either Sir Stephen Oliver or Neuberger J in Kingfisher. 29. HMRC sought to distinguish Kingfisher on the grounds that the judgments record that the Provident voucher had written on it that it authorised retailers with Provident Trading Accounts to charge their account to the sum shown. Here the Secrets money does not contain any such statement on its face. HMRC refer to the decision of the VAT Tribunal in Dyrham Park Country Club Ltd v The Commissioners [1978] VATTR 244 where the tribunal held that certain bonds issued by the club there were security for money, and defined that term as meaning ‘a document under seal or under hand at a consideration containing a covenant, promise or undertaking to pay a sum of money’. Miss McCarthy, appearing for HMRC, argued that the Secrets vouchers do not contain any such promise. If a piece of paper without such a statement on it could be treated as security for money, then she said the term might be used to cover any item or token such as the tokens used by players in a game of Monopoly – something that does not look like a security for money at all. 30. I consider that the Secrets money vouchers are securities for money even though they do not say on their face that the dancer is entitled to encash them. The Tribunal found that the club was under a legal obligation to redeem the vouchers when the dancer presented them. The Secrets money scheme depends on both patrons and dancers being confident that the vouchers can be used to pay the dancers what they earn. If the club refused to pay the dancer for the voucher, the Secrets money scheme would quickly collapse. I therefore uphold the Tribunal’s conclusion that the vouchers are security for money.”
“ 1. Meaning of “face-value voucher” etc (1) In this Schedule “face-value voucher” means a token, stamp or voucher (whether in physical or electronic form) that represents a right to receive goods or services to the value of an amount stated on it or recorded in it. (2) References in this Schedule to the “face-value” of a voucher are to the amount referred to in sub-paragraph (1) above. 2. Nature of supply The issue of a face-value voucher, or any subsequent supply of it, is a supply of services for the purposes of this Act. (a) is not a person from whom goods or services may be obtained by the use of the voucher, and (b) undertakes to give complete or partial reimbursement to any such person from whom goods or services are so obtained. Such a voucher is referred to in this Schedule as a “credit voucher”. (2) The consideration for any supply of a credit voucher shall be disregarded for the purposes of this Act except to the extent (if any) that it exceeds the face value of the voucher. (3) Sub-paragraph (2) above does not apply if any of the persons from whom goods or services are obtained by the use of the voucher fails to account for any of the VAT due on the supply of those goods or services to the person using the voucher to obtain them. (4) … 4. Treatment of retailer vouchers (1) This paragraph applies to a face-value voucher issued by a person who – (a) is a person from whom goods or services may be obtained by the use of the voucher, and (b) if there are other such persons, undertakes to give complete or partial reimbursement to those from whom goods or services are so obtained. Such a voucher is referred to in this Schedule as a “retailer voucher”. (2) The consideration for the issue of a retailer voucher shall be disregarded for the purposes of this Act except to the extent (if any) that it exceeds the face value of the voucher. … 7A. Exclusion of single purpose vouchers Paragraphs 2 to 4, 6 and 7 do not apply in relation to the issue, or any subsequent supply, of a face-value voucher that represents a right to receive goods or services of one type which are subject to a single rate of VAT.” 116. The appellants accept that Chips are face value vouchers even where, as we have found, they do not represent any right to receive goods or services from third parties other than dancers. Further, it is common ground that Chips are credit vouchers falling within paragraph 3 Schedule 10A. The effect of paragraph 3, where it applies, is that the consideration on the supply of a credit voucher is disregarded save to the extent that it exceeds face value. Hence it is only the£20 in excess of the£100 face value of a Chip purchased by a customer using a card which is taxable. 117. That is the agreed position in relation to supplies of Chips up to and including10 May 2012 . The significance of that date is that it is the date on which paragraph 7A comes into force. The effect of paragraph 7A for vouchers issued on or after10 May 2012 is limited to what are called “single purpose vouchers”