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  • VAT Memo - Scope of VAT - What is a supply? - Meaning of supply - Consideration - 247
    Consideration is not defined in either European or UK legislation. It was previously defined (in the EC 2nd VAT Directive, Annex A, para 13) as meaning “everything received in return for the supply of goods or the provision of services, including incidental expenses (packing, transport, insurance, etc) that is to say not only the cash amounts charged, but also, for example, the value of goods received in exchange …” Though that Directive no longer applies, this definition is still sometimes quoted.
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  • VAT Memo - Scope of VAT - What is a supply? - Outside the scope of VAT - 252
    Certain transactions will be outside the scope of VAT, either because they: - do not meet the criteria detailed at ¶25; or - fall within one of the following categories: - supplies that are specifically defined in the legislation as supplies of neither goods nor services (¶258); - compensation or damages (¶264); - supplies of inherently illegal products (¶266); - the loss or destruction of an asset (¶268+); - the issue of new shares by a company (¶2420+); - a business gift costing not more than £50 (¶1465+);...
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  • VAT Memo - Particular activities - Land and property - Land and existing buildings - Lettings - VAT rating - 5544
    The VAT treatment of the various types of payments which can occur in a leasing situation has been the subject of much case law.
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  • VAT Memo - Particular activities - Retailers - General topics - Other areas of interest - 6316
    Other topics which are of special interest to retailers are summarised in the following table. Area of VAT Details ¶¶ Registration If only making zero-rated supplies, can request exemption from registration ¶2650+ Distance selling of goods to EU private persons ¶9177+ Business splitting ¶2629+ Price reduction on deregistration ¶2726 Composite supplies Combined products with different VAT rating - particularly affects food items ¶310+ Returns Monthly returns for repayment traders ¶2987+ 4-weekly returns...
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