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United Kingdom Budget 2018: VAT and indirect tax

The UK Budget 2018 was presented on 29 October 2018. The Budget 2018 did not contain any major surprises on VAT, but a number of the measures being introduced are aimed at targeting specific loopholes or VAT avoidance. The budget included:

  • Policy paper on VAT avoidance, explaining how the amendments will affect providers of intermediary services to the insurance sector who export their services outside of the EU.
  • Policy paper on VAT thresholds, confirming that the VAT registration and deregistration thresholds are maintained at GBP 85,000 and 83,000 respectively for a further 2 years from 1 April 2020.
  • Policy paper on VAT treatment of vouchers, explaining the changes to the VAT treatment of vouchers issued on or after 1 January 2019.
  • Policy paper on VAT reverse charge anti-avoidance changes, describing the regulations to be made to discourage attempts by fraudsters to escape a reverse charge.

Source: KingstonSmith

 

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