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VAT: transactions straddling 1 Jan 2021

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HMRC has published new guidance Value Added Tax EU Exit Transitional Provisions on the VAT treatment of transactions or movements of goods spanning IP completion day (11pm UK time on 31 December 2020). The guidance covers a range of related subjects, including:

  • VAT treatment of movements of goods between GB and the EU;
  • the general treatment of goods including reliefs, imports, exports, installations and schemes;
  • the fulfilment house due diligence scheme, which requires UK fulfilment houses storing imported goods from companies outside the EU to apply and gain approval from HMRC to operate;
  • the tax treatment of supplies of services, including details on the tour operators’ margin scheme; and
  • the tax treatment of call-off stock and certain supplies of financial services.
Issue: 1514
Categories: News