Lee Squires and Fiona Bantock (Hogan Lovells) report the latest VAT developments that matter.
The following statutory instruments have been issued:
Did partnerships form a single undertaking?
The International Civil Aviation Organization (ICAO) has reached agreement on a new scheme, the global market-based measure (GMBM), under which airlines will offset their C02 emissions through the purchase of ‘emission units’ generated by carbon reduction projects in other sectors, beginning in 2
The Aggregates Levy (Registration and Miscellaneous Provisions) (Amendment) Regulations, SI 2016/967, revoke SI 2015/1487 and make similar provision from 1 November 2016, with improved drafting, for exemptions from the requirement for businesses to register for the aggregates levy where they only
HMRC is consulting on proposals for a new penalty based on the established principle that businesses are denied the right to reclaim input tax when they know, or should have known, that their transactions are connected with VAT fraud. This is often referred to as the ‘knowledge principle’.
From 1 October 2016, supplies of repair services carried out as the result of an insurance claim made to an insurer located outside the EU will be treated as taking place where they are effectively used and enjoyed, rather than where the provider of the insurance cover is based.