VAT reforms should provide food for thought, says Sarah Halsted
FA 2012 may well have brought us the most VAT and indirect tax items ever seen in a single Finance Act. These have not been short of controversy either with the government’s proposals to widen the scope of VAT on hot food static caravans and listed buildings generating extensive media coverage and high-profile sector led protests. Some of the measures have been watered down as a result but unwelcome tax hikes remain for those involved in the renovation of listed buildings or the hire of self-storage units. FA 2012 also formalises the long mooted cost sharing exemption and lays down the legislation for new gambling tax machine games duty (MGD) and the removal of the VAT registration threshold from non-established...
