HMRC is consulting on draft regulations which it intends to issue under the powers establishing the VAT rules for drink deposit schemes in Finance (No 2) Bill 2023.
The draft VAT (Amendment) Regulations 2023 specify how businesses will need to account for VAT on unreturned deposits under statutory deposit schemes that are expected to be introduced by the Westminster and devolved administrations in 2025.
In essence, new s 55D – inserted into VATA 1994 by clause 314 of Finance (No 2) Bill 2023 (numbering as per the original version of the Bill) – provides that VAT must be accounted for on deposits that are not repaid, and these draft regulations set out how that must be done.
The consultation closes at 11.30pm on 17 May 2023.
HMRC is consulting on draft regulations which it intends to issue under the powers establishing the VAT rules for drink deposit schemes in Finance (No 2) Bill 2023.
The draft VAT (Amendment) Regulations 2023 specify how businesses will need to account for VAT on unreturned deposits under statutory deposit schemes that are expected to be introduced by the Westminster and devolved administrations in 2025.
In essence, new s 55D – inserted into VATA 1994 by clause 314 of Finance (No 2) Bill 2023 (numbering as per the original version of the Bill) – provides that VAT must be accounted for on deposits that are not repaid, and these draft regulations set out how that must be done.
The consultation closes at 11.30pm on 17 May 2023.
