The Autumn Statement will now take place on 5 December 2013, having been delayed by 24 hours to allow prime minister David Cameron time to return from his trade visit to China.
Oil and gas DRDs
The government has published a final version of the model decommissioning relief deed (DRD) (with related guidance) which provides a contractual approach to guaranteeing the basis on which tax relief will be available to companies for decommissioning oil and gas fields. Legislation for this approach was introduced in FA 2013. For guidance from Slaughter and May, the law firm which advised HM Treasury on the drafting and negotiation of DRDs.
VAT information sheets: special scheme for non-EU businesses
HMRC has published VAT Information Sheet 14/13, Electronically supplied services: Special scheme for non-EU businesses and changes to the VAT rate, and VAT Information Sheet 15/13, Special Scheme for non-EU businesses – exchange rates for period ending September 2013, which are both available on its website. The former details a change to the VAT rate in Italy (from 21% to 22% as of 1 October 2013), and the latter contains information about some of the most used currency exchange rates needed by non-EU businesses that are registered for the special scheme in the UK so they can complete declarations and make payments to HMRC in pound sterling.
VAT: road fuel scale charges
HMRC has published Revenue & Customs Brief 33/13 to remind taxpayers that the partial exemption concession on road fuel scale charges (RFSCs) will be withdrawn with effect from 1 January 2014. Businesses who currently use the concession will need to put alternative arrangements in place if they are to continue to achieve a fair result following withdrawal. As Deloitte has observed, the brief suggests the use of a ‘fuel sector’ in the partial exemption method and a formula that, according to HMRC, produces broadly the same overall outcome as the old, concessionary, restriction on output VAT but points out that businesses can agree alternative methods.
The Autumn Statement will now take place on 5 December 2013, having been delayed by 24 hours to allow prime minister David Cameron time to return from his trade visit to China.
Oil and gas DRDs
The government has published a final version of the model decommissioning relief deed (DRD) (with related guidance) which provides a contractual approach to guaranteeing the basis on which tax relief will be available to companies for decommissioning oil and gas fields. Legislation for this approach was introduced in FA 2013. For guidance from Slaughter and May, the law firm which advised HM Treasury on the drafting and negotiation of DRDs.
VAT information sheets: special scheme for non-EU businesses
HMRC has published VAT Information Sheet 14/13, Electronically supplied services: Special scheme for non-EU businesses and changes to the VAT rate, and VAT Information Sheet 15/13, Special Scheme for non-EU businesses – exchange rates for period ending September 2013, which are both available on its website. The former details a change to the VAT rate in Italy (from 21% to 22% as of 1 October 2013), and the latter contains information about some of the most used currency exchange rates needed by non-EU businesses that are registered for the special scheme in the UK so they can complete declarations and make payments to HMRC in pound sterling.
VAT: road fuel scale charges
HMRC has published Revenue & Customs Brief 33/13 to remind taxpayers that the partial exemption concession on road fuel scale charges (RFSCs) will be withdrawn with effect from 1 January 2014. Businesses who currently use the concession will need to put alternative arrangements in place if they are to continue to achieve a fair result following withdrawal. As Deloitte has observed, the brief suggests the use of a ‘fuel sector’ in the partial exemption method and a formula that, according to HMRC, produces broadly the same overall outcome as the old, concessionary, restriction on output VAT but points out that businesses can agree alternative methods.
