The Financial Secretary to the Treasury Stephen Timms made a Written Ministerial Statement on 25 November 2008 about proposals to prevent manipulation of the tax point when the VAT rate returns to 17.5% on 1 January 2010. Following the preliminaries he said:
'Anti-forestalling legislation will apply from today to ensure that in the circumstances set out below supplies with a basic time of supply after a VAT rate increase takes effect will be subject to the rate of VAT in force at that time. The provisions are designed to prevent artificial forestalling whilst being straightforward for business to understand and operate and not affecting genuine commercial transactions. This legislation is not intended to catch...
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The Financial Secretary to the Treasury Stephen Timms made a Written Ministerial Statement on 25 November 2008 about proposals to prevent manipulation of the tax point when the VAT rate returns to 17.5% on 1 January 2010. Following the preliminaries he said:
'Anti-forestalling legislation will apply from today to ensure that in the circumstances set out below supplies with a basic time of supply after a VAT rate increase takes effect will be subject to the rate of VAT in force at that time. The provisions are designed to prevent artificial forestalling whilst being straightforward for business to understand and operate and not affecting genuine commercial transactions. This legislation is not intended to catch...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
