VAT

Policy changes follow discussions at EU level

David Wilson sets out issues for advisers to consider this month.

In Littlewoods, the European court leaves it to the UK courts to decide whether compound interest is due on overpaid VAT. Stuart Walsh and Jake Landman suggest the judgment is hard to reconcile with previous CJEU case law.

HMRC has updated VAT Notice 700/56: Insolvency, replacing the May 2012 version. A new contact number for the Insolvency Helpdesk is the only change.

Time limit for assessment

The white paper on banking reform published earlier this month may seem like an odd place to start in an article about VAT groups, but it is surprisingly relevant. Paragraphs 2.75 and 2.76 summarise the government’s views in relation to consultation...

Lee Squires and Fiona Bantock review the recent developments in VAT that matter, including decisions affecting transfers of a going concern and financial intermediary services.

The European Commission is taking infringement action against Luxembourg and France over their reduced VAT rates (3% in Luxembourg and 7% in France) applied to e-books.

VAT Notices

Andrew Jackson reviews the opinion and assesses its likely impact on the UK VAT treatment of portfolio management services.