fbpx

Contributed by ACCA

A summary of the latest changes to VAT and other indirect taxes

Gold

HMRC has recently updated its VAT notice on gold, VAT Notice 701/21. The changes reflect the updates on ‘import and export of investment gold’ and the penalties section within the notice. The updates can be found in Section 8 and 9 of the notice. 

Finance

HMRC has recently updated its VAT notice on finance, VAT Notice 701/49. The changes reflect the updates on ‘debts and related services’ section within the notice. The updates can be found in Section 5 of the notice. 

Retail

HMRC has recently updated its VAT notice on retail schemes, VAT Notice 727/5. The changes reflect the current ‘capping’ regulations and to change the address within the notice. The updates can be found in Section 2.6 and 8.2 of the notice. 

Import VAT relief

HMRC has recently updated its VAT Notice on import VAT relief for goods supplied onward to another EC county, VAT Notice 702/7.

The changes are to make it clearer that a VAT registered importer acting as agent in an onward supply must be ‘acting in his own name’ in relation to that supply.  It has also been updated to address changes to the way VAT identification numbers are entered in box 44 of the import declaration. 

Gaming duty

HMRC has updated and issued Notice 452 Machine Games Duty. The main changes are in paragraph 26 where examples and commentary have been provided. As per the prior notice it applies to anyone who:

  • holds, or is required to hold, a licence or permit which allows them to provide gaming machines for play on premises
  • owns, leases or rents premises on which machine games may be played
  • controls the operation of machines on which machine games may be played
  • controls admission to premises on which machine games may be played
  • has an interest in premises on which machine games may be located
  • is responsible for the management of premises on which machine games may be played
  • shares in the profits from machine game-play.

The notice also continues to highlight the paragraphs that have the force of law under:

  • The Finance Act 2012
  • The Machine Games Duty Regulations 2012 (S.I. 2012/2500)
  • The Revenue Traders (Accounts and Records) Regulations 1992 (SI 1992/3150).

You can find further information and links to the notices.