VAT's in the Budget?

21 April 2005 / Mike Thexton

Issue: 4004 / Categories: Comment & Analysis , VAT

MIKE THEXTON MA, FCA, CTA examines the proposals and changes relating to VAT contained in the Budget.

ALL THE VAT content of the first Finance Bill 2005 was dropped for the rapid passage of the Finance (No 2) Bill on 6 April. However, some of the measures have already been implemented by statutory instrument, but those which were in the original Bill will be delayed (or possibly lost altogether, depending on the election). The references given below are to the original Bill.

MIKE THEXTON MA FCA CTA examines the proposals and changes relating to VAT contained in the Budget.

ALL THE VAT content of the first Finance Bill 2005 was dropped for the rapid passage of the Finance (No 2) Bill on 6 April. However some of the measures have already been implemented by statutory instrument but those which were in the original Bill will be delayed (or possibly lost altogether depending on the election). The references given below are to the original Bill.

Partial exemption

The Budget introduced a package of four measures in relation to partial exemption all to take effect from 1 April 2005. These are all presented as 'anti-avoidance' measures although in most cases they are merely tidying up rough edges of the existing law which could work either for or against a taxpayer.

The first 'extends Customs' policy' and...

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