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Monegasque VAT
The French Tax Administration has told HMRC that, pending the extension of the electronic EU VAT refund system to Monaco, EU VAT refund claims for business goods or services purchased in Monaco should be sent to the Monaco Tax Administration.
Charitable deeds
With reference to charitable payments to overseas bodies, the detailed guidance on ‘Payments to overseas bodies’ has been updated. See ‘Annex II: non-charitable expenditure’ of HMRC’s Charities: detailed guidance notes.
SPs update
HMRC have updated their statements of practice SP5/01, ‘CTSA: Claims to loss relief, capital allowances and group relief – outside limit’, and SP1/10 ‘Business by telephone – HMRC taxes contact centres’. They are included in an updated version of all statements 5. See also CAP1: Advice on non business activities.
US OVDI
The IRS offshore voluntary disclosure initiative (OVDI) expires at the end of August. US citizens living outside the USA can use this facility to report hitherto undisclosed income to the IRS and suffer less severe penalties.
