Peter Coombs University of Kent outlines changes to the basic features of partial recovery of input tax
In a previous Back to Basics article (The Tax Journal Issue 644 13 May 2002) I outlined the ways in which the VAT partial exemption rules in Part XIV of the VAT Regulations 1995 (Regulations 99 to 110) operate in practice to determine the proportion of VAT on expenditure that can be reclaimed when the business makes a mixture of supplies some of which carry a right to deduct input tax (RTD) and some that do not. With the passage of time various changes have been made to the partial exemption (PE) regulations including a number this year following the 2005 Budget. This article looks at the ways...
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Peter Coombs University of Kent outlines changes to the basic features of partial recovery of input tax
In a previous Back to Basics article (The Tax Journal Issue 644 13 May 2002) I outlined the ways in which the VAT partial exemption rules in Part XIV of the VAT Regulations 1995 (Regulations 99 to 110) operate in practice to determine the proportion of VAT on expenditure that can be reclaimed when the business makes a mixture of supplies some of which carry a right to deduct input tax (RTD) and some that do not. With the passage of time various changes have been made to the partial exemption (PE) regulations including a number this year following the 2005 Budget. This article looks at the ways...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
