Matthew Greene and Anastasia Nourescu (Stewarts) explain what the VAT Terminal Markets Order is, why it is useful and how the government plans to reform it.
At the Tax Administration and Maintenance Day on 27 April 2023 HM Treasury and HMRC announced a suite of planned technical tax consultations and legislative changes. Those proposals and draft legislation were published on 18 July 2023 to great fanfare although one development has largely flown under the radar: the consultation on the legislative reform of the Value Added Tax (Terminal Markets) Order SI 1973/173 often referred to simply as the ‘Terminal Markets Order’ or the TMO. This may be because commodity markets are seen as more niche and less glamorous than say the multinational top-up tax or R&D tax relief. However the VAT zero rate on certain commodity transactions is a valuable simplification measure and any...
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Matthew Greene and Anastasia Nourescu (Stewarts) explain what the VAT Terminal Markets Order is, why it is useful and how the government plans to reform it.
At the Tax Administration and Maintenance Day on 27 April 2023 HM Treasury and HMRC announced a suite of planned technical tax consultations and legislative changes. Those proposals and draft legislation were published on 18 July 2023 to great fanfare although one development has largely flown under the radar: the consultation on the legislative reform of the Value Added Tax (Terminal Markets) Order SI 1973/173 often referred to simply as the ‘Terminal Markets Order’ or the TMO. This may be because commodity markets are seen as more niche and less glamorous than say the multinational top-up tax or R&D tax relief. However the VAT zero rate on certain commodity transactions is a valuable simplification measure and any...
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