HMRC Brief 5/2024 confirms that businesses can choose to apply the Tour Operator’s Margin Scheme (TOMS) to business-to-business wholesale supplies and that, by concession, tour operators can opt B2B wholesale supplies out of TOMS.
HMRC says that this is a ‘technical change to the legal interpretation and will not affect tour operators’ ability to choose whether to apply the TOMS or not to B2B wholesale supplies’.
VAT Notice 709/5 has been updated to reflect this change and Brief 5/2014 has been withdrawn.
HMRC Brief 5/2024 confirms that businesses can choose to apply the Tour Operator’s Margin Scheme (TOMS) to business-to-business wholesale supplies and that, by concession, tour operators can opt B2B wholesale supplies out of TOMS.
HMRC says that this is a ‘technical change to the legal interpretation and will not affect tour operators’ ability to choose whether to apply the TOMS or not to B2B wholesale supplies’.
VAT Notice 709/5 has been updated to reflect this change and Brief 5/2014 has been withdrawn.
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