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VAT review for February 2021

Speed read
This month’s review covers two government consultations on possible changes to the VAT rules, which concern: the allocation of consideration between bundled elements in a single supply; and proposals regarding the sharing economy that would override the principal/agent relationship for VAT purposes in supplies made by micro businesses (under the UK VAT threshold) via an online platform. More generally, the end of the transition period under the UK/EU Withdrawal Agreement saw the UK’s VAT regime move to a brave new world of ‘retained EU law’. One specific change is that the UK has restricted the VAT exemption for fund management services provided to qualifying pension funds to UK pension funds only.
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