The government has announced that it will:
A recent raft of cases shows that the value of taxable supplies is still giving taxpayers and HMRC cause for concern, as Nick Skerrett and Mark Bryant explain.
HMRC has announced updates to the following VAT notices during the past month:
Helen Lethaby on the surprise loss for the taxpayer in Samarkand Film Partnership, an update on disguised remuneration, the ECJ stance on VAT treatment of sales of distressed debt, and more.
Valentina Sloane examines the ECJ decision in Rank Group plc and the questions over the application of the principle of fiscal neutrality, with further insight (below) on the wider impact from Frank Mitchell.
The Forum of Private Business welcomed the government’s announcement that from 1 April 2012 Low Value Consignment Relief (LVCR) will no longer apply to goods sent to the UK from the Channel Islands.
A former policeman was jailed for his part in an attempted £330m VAT fraud, the largest of its kind in the UK. Nigel Cranswick and five others were caught by HMRC investigators after claiming that their new business Ideas 2 Go Ltd sold more than 6m mobile phones in eight months.
Greg Sinfield and Lee Squires identify the recent VAT developments that matter, including the decisions of the ECJ in GFKL Financial Services (assignment of debts at a discount) and Sauer-Danfoss (reclaiming overpaid VAT).