The Value Added Tax (Small Non-Commercial Consignments) Relief (Amendment) Order, SI 2016/1199, increases the value limit for relief from VAT on small non-commercial consignments imported into the EU from £34 to £39 with effect from 1 January 2017.
The Office of Tax Simplification (OTS) has published the terms of reference for its two latest reviews, announced at the Autumn Statement, covering stamp duty on paper share transactions and VAT.
For the review of stamp duty, the OTS will consider:
Michael Conlon QC and Julian Hickey (Temple Tax Chambers) review some important VAT decisions made this year, including BPP Holdings, Aspiro, Bookit and Airtours, and consider the implications of Brexit on the VAT landscape.
Vinny McCullagh (Grant Thornton) reviews Heating Plumbing Supplies Ltd where the court decided that a VAT group’s activities must be taken as a whole.
Peter Dylewski and Philippe Gamito (KPMG) considers the implications of the AG ruling in Commission v Luxembourg and the future availability of the cost sharing group exemption in the UK and other member states.
The Welsh government has published the Landfill Disposals Tax (Wales) Bill, which will introduce the devolved landfill disposals tax in Wales from April 2018. Consideration of the Bill in committee starts on 1 December.
The Office of Tax Simplification has begun conducting a simplification review into the VAT system.
The Autumn Statement announcement of an increase in the standard rate of insurance premium tax from 10% to 12% means the UK now has the sixth highest rate in Europe, behind only Germany, Greece, Italy, the Netherlands and Finland, according to the Association of British Insurers.