Iain Donaldson and Shimon Shaw review changes made in May to the UK’s VAT treatment of face value vouchers
On 10 May 2012 HM Treasury added a new clause to Finance Bill 2012 which radically changes the UK’s VAT treatment of face value vouchers (FVVs). To properly understand these changes one must first understand some key background points.
Vouchers are a big deal
There may be some confusion as to what vouchers are and therefore quite how significant an issue this is. The industry most affected is telecoms but FVVs could include vouchers issued by retailers online vouchers...
