TOMS ruling

摘要

Practitioners involved in calculations for the tour operators margin scheme (TOMS) will want to read the tribunal case for Welsh's Coaches Limited (20193). This dealt with attributing a value to in-house supplies of coach travel services. The appellant tried to use a market-value-based comparison with a major coach travel provider, but was unsuccessful on the basis that the comparison was simply not close enough in reality. This left it with what appears to be a disadvantageous TOMS calculation, but one which would appear not to be easy to overcome where there is no valid open market proxy from among its business competitors.