Revenue & Customs Brief 47/10 invites comments by 30 November on draft regulations implementing several changes to the VAT legislation.
Revenue & Customs Brief 47/10 invites comments by 30 November on draft regulations implementing several changes to the VAT legislation.
The changes affect taxpayers buying land, property, boats and aircraft on or after 1 January 2011; partly exempt taxpayers and those with non-business use of assets in the capital goods scheme (CGS); taxpayers acquiring CGS assets before they register for VAT; and representative members of VAT groups with CGS assets.
HMRC also intends to make changes to simplify or update the CGS, regularise a concession linked to the option to tax, and ‘reaffirm’ an area of policy that has been the subject of litigation.
Two further changes to the VAT regulations relate to the forthcoming increase in the standard rate. They establishe invoicing requirements for the supplementary charge arising under the anti-forestalling legislation, and set new rates and thresholds for the Flat Rate Scheme.
Revenue & Customs Brief 47/10 invites comments by 30 November on draft regulations implementing several changes to the VAT legislation.
Revenue & Customs Brief 47/10 invites comments by 30 November on draft regulations implementing several changes to the VAT legislation.
The changes affect taxpayers buying land, property, boats and aircraft on or after 1 January 2011; partly exempt taxpayers and those with non-business use of assets in the capital goods scheme (CGS); taxpayers acquiring CGS assets before they register for VAT; and representative members of VAT groups with CGS assets.
HMRC also intends to make changes to simplify or update the CGS, regularise a concession linked to the option to tax, and ‘reaffirm’ an area of policy that has been the subject of litigation.
Two further changes to the VAT regulations relate to the forthcoming increase in the standard rate. They establishe invoicing requirements for the supplementary charge arising under the anti-forestalling legislation, and set new rates and thresholds for the Flat Rate Scheme.
