HMRC has published VAT Information Sheet 9/2018 containing guidance and examples on changes being made from 1 January 2019 to transpose the EU vouchers directive into UK law.
Legislation for the changes to VATA 1994 is contained in Finance Bill 2019 Sch 16.
There will no longer be a supply of a voucher or of the right to purchase goods or services but only of the goods or services to which the voucher relates. The legislation refers only to single-purpose vouchers and multi-purpose vouchers. For single-purpose vouchers a supply will take place when the voucher is issued and on each subsequent transfer. The time of supply for multi-purpose vouchers will be on redemption.
HMRC consulted in December 2017 on the changes and issued its response document in July.
See bit.ly/2E2OHCY.
HMRC has published VAT Information Sheet 9/2018 containing guidance and examples on changes being made from 1 January 2019 to transpose the EU vouchers directive into UK law.
Legislation for the changes to VATA 1994 is contained in Finance Bill 2019 Sch 16.
There will no longer be a supply of a voucher or of the right to purchase goods or services but only of the goods or services to which the voucher relates. The legislation refers only to single-purpose vouchers and multi-purpose vouchers. For single-purpose vouchers a supply will take place when the voucher is issued and on each subsequent transfer. The time of supply for multi-purpose vouchers will be on redemption.
HMRC consulted in December 2017 on the changes and issued its response document in July.
See bit.ly/2E2OHCY.