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VAT regulations published

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HMRC has published The Value Added Tax (Increase of Registration Limits) Order, SI 2014/703, which comes into force on 1 April 2014. This statutory instrument increases the VAT registration and deregistration thresholds in respect of both taxable supplies (per VATA 1994 Sch 1) and acquisitions from other member states (per VATA 1994 Sch 3) in line with inflation.

The Value Added Tax (Refund of Tax) Order, SI 2014/Draft, has also been published in draft form. This provides that the combined local authorities listed in the Order are specified for the purposes of VATA 1994 s 33. The effect will be that those bodies are entitled to claim refunds of VAT charged in relation to their supplies, acquisitions or importations provided that those supplies, acquisitions or importations are not for the purpose of a business carried on by them.

Issue: 1210
Categories: News , Indirect taxes , VAT