This month’s VAT review covers the decision of the FTT in Landlinx Estates Ltd to reject HMRC’s surprising argument that the exemption for land transactions does not apply to the grant (or surrender) of an option over land (or by necessary implication) other lesser land interests. HMRC may also need to review its policy on early contractual termination payments following the CJEU decision in Vodafone Portugal, which indicates that such payments may, properly analysed, be consideration for the main supplies under the contract. HMRC has also released guidance on partial exemption calculations for general overheads for businesses in the hire purchase industry following the CJEU decision in Volkswagen Financial Services (UK) Ltd. Finally, the planned introduction of the reverse charge for construction services has been delayed until 1 March 2021 to give
the industry further time to prepare.
If you are not a subscriber, subscribe now to read this content.
This month’s VAT review covers the decision of the FTT in Landlinx Estates Ltd to reject HMRC’s surprising argument that the exemption for land transactions does not apply to the grant (or surrender) of an option over land (or by necessary implication) other lesser land interests. HMRC may also need to review its policy on early contractual termination payments following the CJEU decision in Vodafone Portugal, which indicates that such payments may, properly analysed, be consideration for the main supplies under the contract. HMRC has also released guidance on partial exemption calculations for general overheads for businesses in the hire purchase industry following the CJEU decision in Volkswagen Financial Services (UK) Ltd. Finally, the planned introduction of the reverse charge for construction services has been delayed until 1 March 2021 to give
the industry further time to prepare.
If you are not a subscriber, subscribe now to read this content.
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