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The VAT review for June 2021

Speed read
This month’s review covers HMRC’s call for evidence on the future of the VAT treatment of transactions in land and buildings. This open-ended request for stakeholder input holds out the potential for significant changes to the current VAT exemption and the option to tax rules. The FTT decision in Jupiter Asset Management considers both the interpretation of the open market value rules for intra-group supplies of management services and also the ability of a holding company providing such services to recover residual input VAT. Finally, the government has tabled an amendment to the Finance Bill which seeks to clarify the continued application of the Halifax principle to VAT cases.
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