HMRC's call for evidence on partial exemption policy demands a considered response, writes Graham Elliott (City & Cambridge Consultancy).
A review of partial exemption and the capital goods scheme feels like the right thing for HMRC to initiate. It was last reviewed a decade ago. The use of these mechanisms is so widespread that frequent fundamental review is justified. The immediate prompt for this episode was the identification by the Office for Tax Simplification of partial exemption as one of the most complex parts of the tax.
What as they say is not to like?
I start with one potentially contentious quibble. HMRC’s ‘call for evidence’ occasionally refers to EU rules and practices. At the time of publication it was government policy that the UK would leave the EU on 31 October 2019. Whereas there remains a scintilla of doubt even over whether Brexit...
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HMRC's call for evidence on partial exemption policy demands a considered response, writes Graham Elliott (City & Cambridge Consultancy).
A review of partial exemption and the capital goods scheme feels like the right thing for HMRC to initiate. It was last reviewed a decade ago. The use of these mechanisms is so widespread that frequent fundamental review is justified. The immediate prompt for this episode was the identification by the Office for Tax Simplification of partial exemption as one of the most complex parts of the tax.
What as they say is not to like?
I start with one potentially contentious quibble. HMRC’s ‘call for evidence’ occasionally refers to EU rules and practices. At the time of publication it was government policy that the UK would leave the EU on 31 October 2019. Whereas there remains a scintilla of doubt even over whether Brexit...
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:
