This edition takes the reader through the relevant legislation and case law, the legal concepts such as time and place of supply, the distinction between goods and services, what is taxable, and the interaction of these elements. Through a detailed study of ten significant cases, the book examines the consequences of outsourcing. It also looks at the key issues facing financial services and insurance, before discussing the VAT cost sharing exemption. Since the second edition, there have been significant developments affecting payment processing and card handling services, VAT on holding companies and on the right to deduct input tax. Litigation in the areas of Special Investment Funds, pension fund management, partial exemption insurance and outsourcing has also moved on. Crowdfunding is a fairly new method of raising funds for activities, and HMRC have now issued guidance on the VAT liabilities affecting transactions. Appendices include: contracts of insurance; Lloyd's VAT arrangements; HMRC ABI partial exemption guidance for the insurance sector; TOGC legal extracts; guidance on the cost sharing exemption; and the VAT territory of the EU. Finance directors and finance controllers in the financial services and insurance sectors and at those who advise these sectors should all find the book helpful. Subject: Finance Law, UK Law]