This month’s review by Mark Watterson and Gary Barnett (Simmons & Simmons) covers developments affecting the VAT land exemption, lease break fees and the recoverability of input tax when the VAT was never paid.
Simplifying the VAT land exemption: response document
On 30 November 2021 HMRC published a summary of responses to its call for evidence on simplifying the VAT land exemption. Recognising that there was very little support for sweeping changes to the current rules it announced that the government will not be taking forward any of the more significant changes in the short term. Instead immediate action will focus on improving HMRC guidance in a number of specific areas.
The call for evidence raised the prospect of a number of simplification options involving changes to the VAT liability of land transactions including those considered and rejected by the Office for Tax Simplification (OTS) in 2017....
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This month’s review by Mark Watterson and Gary Barnett (Simmons & Simmons) covers developments affecting the VAT land exemption, lease break fees and the recoverability of input tax when the VAT was never paid.
Simplifying the VAT land exemption: response document
On 30 November 2021 HMRC published a summary of responses to its call for evidence on simplifying the VAT land exemption. Recognising that there was very little support for sweeping changes to the current rules it announced that the government will not be taking forward any of the more significant changes in the short term. Instead immediate action will focus on improving HMRC guidance in a number of specific areas.
The call for evidence raised the prospect of a number of simplification options involving changes to the VAT liability of land transactions including those considered and rejected by the Office for Tax Simplification (OTS) in 2017....
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:
