HMRC issued its consultation on VAT and vouchers on 1 December 2017. The objective is to receive input on a new Sch 10A for VATA 1994. The new law is the first EU wide definition of a voucher, and where and when it should be taxed. From a UK perspective, it will result in the removal of the distinction between credit and retailer vouchers, widen the definition of a single purpose voucher (SPV), and changes to how intermediaries and issuers account for VAT in certain cases. The law is to be implemented on 1 January 2019.
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