There have been two important announcements by HMRC. The first covers the correct VAT treatment of compensation payment for early termination of contracts. The second provides important clarifications to the VAT treatment of lease variations involving rent reductions and lease extensions. In addition, the government has published a call for evidence on the operation of the UK’s VAT grouping rules, floating some significant potential changes. Finally, the government has concluded its review of the VAT and duty-free system that will operate after the end of the Brexit transition period, choosing to end the VAT retail export scheme rather than to extend it to EU visitors.
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There have been two important announcements by HMRC. The first covers the correct VAT treatment of compensation payment for early termination of contracts. The second provides important clarifications to the VAT treatment of lease variations involving rent reductions and lease extensions. In addition, the government has published a call for evidence on the operation of the UK’s VAT grouping rules, floating some significant potential changes. Finally, the government has concluded its review of the VAT and duty-free system that will operate after the end of the Brexit transition period, choosing to end the VAT retail export scheme rather than to extend it to EU visitors.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
