Lee Squires and Fiona Bantock review the VAT developments that matter.
Bad debt relief: GMAC
In GMAC v HMRC [2012] UKUT 279 (TCC) the Upper Tribunal (UT) considered the compatibility with EU law of the UK’s historic regime for VAT relief on bad debts in the context of hire-purchase (HP) agreements for cars.
Article 11C(1) of the Sixth VAT Directive (now Article 90 of the Principal VAT Directive) provided that in the case of total or partial non-payment of the consideration for a supply the taxable amount was reduced under conditions determined by Member States although Member States could derogate from this rule. The UK implemented this in VATA 1983 s 22 which entitled a taxpayer to claim a refund of VAT accounted for on a...
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Lee Squires and Fiona Bantock review the VAT developments that matter.
Bad debt relief: GMAC
In GMAC v HMRC [2012] UKUT 279 (TCC) the Upper Tribunal (UT) considered the compatibility with EU law of the UK’s historic regime for VAT relief on bad debts in the context of hire-purchase (HP) agreements for cars.
Article 11C(1) of the Sixth VAT Directive (now Article 90 of the Principal VAT Directive) provided that in the case of total or partial non-payment of the consideration for a supply the taxable amount was reduced under conditions determined by Member States although Member States could derogate from this rule. The UK implemented this in VATA 1983 s 22 which entitled a taxpayer to claim a refund of VAT accounted for on a...
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:
