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IAN MARROW and PETER FAIRCHILD report an overheard conversation about the sale of image and other rights
KEY POINTS
- VAT and the supply of image rights.
- Who makes the supply?
- Can input VAT be recovered?
- Can a non-business be a taxable supply?
- Capital v income: the direct tax implications.
Sam and Tom are two retired officers of HMRC (Sam worked in Customs Tom in the Revenue). They regularly meet up to have a coffee and mull over the news. It seems that the previous occupant of their table had left behind an old copy of Hello!
Love and marriage… and tax
Sam: 'So another celebrity wedding of the year hits the magazines…'.
Tom: 'For which they've reportedly been paid a cool £500 000 by the magazine publishers'.
Sam smiles: 'But we both know that they won't be getting anything like that after the department has taken what's due to it'.
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