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  • VAT Memo - Scope of VAT - Exempt supplies - Summary - 352
    The list of exempt supplies is contained in statute, with the most common ones being as follows: Supply Comment ¶¶ Land Complex exceptions apply ¶5100+ Finance Includes dealing with money, credit facilities and consequent administrative requirements ¶356+ Cultural services Includes admission to museums, galleries, etc, and theatrical/musical performances supplied by public bodies and non-profit-making bodies ¶384+ Charity fundraising events Includes admission charges, and related goods and services ¶392+...
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  • VAT Memo - Scope of VAT - Exempt supplies - Common exemptions - Finance - Management of special investment funds - Meaning of “management” - 378
    Exempt fund management covers the following key activities: - assessment of financial and investment risk; - making decisions regarding investments, including purchase and disposal; and - involvement in the property held by the fund. Other peripheral activities which qualify for exemption include the following (provided that they are subsumed into a single composite supply (¶310+) of fund management services): - legal and fund management accounting services; - dealing with customer queries; - value and pricing...
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  • VAT Memo - Scope of VAT - Exempt supplies - Common exemptions - Education and sporting services - Sporting and physical education services - Competition entry fees - 420
    The grant of a right to enter a competition in a sporting activity or physical recreation is exempt from VAT where: - the consideration to enter is in money and the total amount of the entry fees is put towards a prize for that competition; or - the right to enter is granted by an eligible body. If the entry fee includes the body's normal fee for admission to its grounds or facilities, that part is not exempt. If the fee is a composite supply (¶310+), it may still all be exempt but otherwise an apportionment...
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  • VAT Memo - Scope of VAT - Exempt supplies - Other exemptions - 458
    Exemption also applies to the following less common types of supply: - antiques from historic houses (¶460); - betting, gaming and lotteries (¶462+); - burial and cremation (¶468+); - postal services (¶474); and - subscriptions to public interest bodies (¶476+).
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  • VAT Memo - Input tax - Special situations - 2410
    There are special rules which apply to input tax deduction for non-taxable UK persons, and to transactions involving shares and financial supplies. In addition, various sundry items are dealt with at ¶2435+.
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  • VAT Memo - Particular activities - Gold transactions - 6830
    Gold is used both for investment purposes and industrial processes. It can also be traded on the bullion markets. It is important to distinguish between these objectives, as the VAT treatment differs. 1.Investment gold is defined as either: a. gold of a purity not less than 99.5% in the form of a bar or wafer of a weight accepted by the bullion markets; b. an investment gold coin as listed by HMRC; or c. a gold coin which satisfies all the of the following criteria: - minted after 1800; - has a purity of not...
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  • VAT Memo - Particular activities - Gold transactions - Other gold - 6885
    If supplying or acquiring gold which is not investment gold, the transaction may be outside the scope of UK VAT. Except for transactions involving central banks and members of the London Bullion Market, the first issue to consider is whether the gold is allocated. “Allocated” means set apart and designated as belonging to, or reserved for, specific persons or purposes. Most commonly, allocated gold is delivered. - Gold coins which are not investment gold may qualify for the second-hand margin schemes (¶6632)....
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  • VAT Memo - Particular activities - Clubs and associations - Types of income - 8175
    Clubs may receive income from many diverse sources, including subscriptions and loans. A summary of other types of income is provided at ¶8208.
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  • VAT Memo - Business situations - Commencing and ceasing a business - Sale or purchase of a business - 8640
    A business can be transferred either by means of: - a share transfer (where the issued share capital of a company is sold); or - an asset transfer of a going concern (where the assets of the business are sold). Provided that certain conditions are met, VAT will not be chargeable in either case.
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