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  • VAT Memo - Preface
    Preface. -VAT Memo is now in its 12th edition, giving you comprehensive coverage of this subject in the distinctive FL Memo style. VAT is an important business issue for most traders and evolves almost on a daily basis via legislation, case law, HMRC Briefs and other official material. -VAT Memo 2018-2019 has been fully updated to reflect changes in law and practice up to and including the date of the Finance Act 2018 (15 March 2018) and, as with all our Memo publications, we will keep you updated with the...
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  • VAT Memo - Scope of VAT - Basic principles - 10
    This section aims to give a broad overview of the main principles behind the operation of the VAT regime. It provides an outline of the rationale and workings of the VAT system, together with the compliance and reporting requirements. Full details are contained in the respective relevant parts of -VAT Memo.
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  • VAT Memo - Scope of VAT - Business activity - 100
    Under the Principal Directive, VAT applies to any person who independently carries out any economic activity, whatever the purpose or results of that activity. Economic activities for this purpose comprise: - all activities of producers, traders and persons supplying services; - activities of the professions; and - the exploitation of tangible or intangible property for the purpose of obtaining income on a continuing basis. CJEU case law has established that the concept of economic activity has a wide scope;...
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  • VAT Memo - Scope of VAT - Business activity - Statutory definition - Summary - 134
    The UK statutory definition of “business” covers the following specific situations or transactions which, if carried out in the course of a trade, profession or vocation, will constitute a business activity: Activity Comment ¶¶ The admission to premises for consideration Must be a compulsory admission fee (voluntary payments will not suffice) ¶140 Services provided by an office-holder (as opposed to an employee) For example, a trustee or executor ¶145 The provision of facilities by a club, association...
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  • VAT Memo - Scope of VAT - What is a supply? - 240
    VAT is chargeable on a supply of goods or services made in the course of a business (¶100+) in return for consideration. Such a supply is said to be “within the scope” of UK VAT. A supply which does not meet these conditions, or is otherwise designated as being “outside the scope”, is not subject to VAT. If a supply is within the scope of VAT, it is then necessary to determine: - whether it is a supply of goods or of services (¶275+); and - whether it is a single or a multiple supply (¶310+).
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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 - Scope of VAT - What is a supply? - Supply of goods or services? - 275
    The distinction between a supply of goods (¶277+) and a supply of services (¶300+) is important because of differences in the law relating to: - place of supply (see below); - time of supply (¶750+); - rate of VAT (¶1090+); and - recovery of pre-registration input tax (¶8560+). 1. For a transaction to fall within the scope of UK VAT, the place of supply must be the UK. The rules differ depending on whether the supply is one of goods (¶278) or of services (¶9682+). 2. Particular rules apply for cross-border...
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  • VAT Memo - Scope of VAT - What is a supply? - How many supplies? - 310
    Where a transaction is made up of a mixture of elements, such as the supply of two or more goods or services, or a combination of goods or services, it is necessary to distinguish between: - a single composite supply, where there is either: - a single supply made up of one main supply plus a number of ancillary, integral or incidental supplies; or - a single supply made up of several closely linked elements which it would be artificial to split; and - a mixed supply, where multiple supplies are made (although...
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  • VAT Memo - Scope of VAT - Exempt supplies - 350
    VAT is not chargeable on exempt supplies. A person making only exempt supplies cannot register for VAT. But if a person makes both exempt and taxable supplies in the course of business: - income from the exempt supplies does not count towards the value of taxable supplies for registration threshold purposes (¶9960); and - input tax incurred in the course of making the exempt supplies is irrecoverable, subject to certain de minimis limits (¶2075+).Comment Contrast this position with zero-rated supplies, which...
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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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