Market leading insight for tax experts
View online issue

Refunds of non-recoverable 2012 Olympics VAT

printer Mail

The Value Added Tax (Refund of Tax to the London Legacy Development Corporation) Order, SI 2015/449, comes into force on 1 April 2015. This order specifies the London Legacy Development Corporation (LLDC) as a government body entitled to recover input tax under VATA 1994 s 33 on non-business supplies; under the normal VAT rules the LLDC would be unable to recover the VAT incurred on purchases made in relation to these works. The LLDC was established the purpose of ensuring a sustainable legacy for the Olympic and Paralympic Games by transforming the Olympic Park. The LLDC will assist the Mayor of London in fulfilling some of the legacy promises made in the bid to host the Olympic and Paralympics Games by developing the site and providing social, economic and environmental benefits for local communities.