Import VAT, a request to change the VAT group registration date and the ‘always speaking’ principle are examined in this month’s review by Jo Crookshank and Gary Barnett (Simmons & Simmons).
Import VAT and toll operators
In Piramal Healthcare UK Ltd v HMRC [2023] UKFTT 891 the FTT held that import VAT incurred by a business importing goods owned by a third party with a view to carrying out processes on those goods was not input VAT of that business. In order for VAT on goods to qualify as input VAT of a business the goods must be a cost component of that business’ onward supplies. This was equally the case with import VAT on imported goods.
Piramal was a pharmaceutical company that effected processes or trials on imported goods for their owners. The imported goods always remained owned by the customer and Piramal did not make onwards...
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Import VAT, a request to change the VAT group registration date and the ‘always speaking’ principle are examined in this month’s review by Jo Crookshank and Gary Barnett (Simmons & Simmons).
Import VAT and toll operators
In Piramal Healthcare UK Ltd v HMRC [2023] UKFTT 891 the FTT held that import VAT incurred by a business importing goods owned by a third party with a view to carrying out processes on those goods was not input VAT of that business. In order for VAT on goods to qualify as input VAT of a business the goods must be a cost component of that business’ onward supplies. This was equally the case with import VAT on imported goods.
Piramal was a pharmaceutical company that effected processes or trials on imported goods for their owners. The imported goods always remained owned by the customer and Piramal did not make onwards...
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:
