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The VAT review for November 2021

Speed read
This month’s VAT review covers a second CJEU VAT decision involving Boehringer, which confirms that the VAT principles applicable to a reduction in consideration extend to monies paid to a third party under a voluntary arrangement. HMRC has also released guidance on the recent Balhousie decision, applying a narrow approach and limiting the application to its particular facts. The Autumn Budget contained little of immediate interest in relation to VAT, but there is the promise of interesting times ahead with consultations in relation to the VAT treatment of investment management and a possible online sales tax. Finally, HMRC has confirmed that full customs declarations and controls will be introduced as planned on 1 January 2022.

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