Carousel fraud

Article Abstract:

The European Court of Justice has followed the advocate-general's opinion in holding that VAT can apply to transactions innocently arising in a chain of transactions where missing trader fraud is present in part of that chain. Innocent parties can claim VAT charged to them, and the court held that the right to deduct input value added tax of a taxable person who carries out such transactions cannot be affected by the fact that in the chain of supply of which those transactions form part another prior or subsequent transaction is vitiated by value added tax fraud, without that taxable person knowing or having any means of knowing.

Author: Elliott, Graham
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2006
Control, Tax evasion

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Care homes threat

Article Abstract:

The U.K. Revenue & Customs' "Business Brief 23/2006" contains a threatening interpretation of legislation that has a considerable impact on 'relevant residential purpose' buildings', such as care homes. The implication for the value added tax (VAT) paid by companies that develop such properties is discussed.

Author: Elliott, Graham
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
Public Finance Activities, Legal issues & crime, Government regulation (cont), Government regulation, Property Taxes, Legal/Government Regulation, Laws, regulations and rules, Property tax

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Special partial exemption methods

Article Abstract:

Two interesting cases involving special partial exemption methods in value added tax (VAT) are presented.

Author: Elliott, Graham
Publisher: Institute of Chartered Accountants in England & Wales
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 2007
Methods

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Subjects list: United Kingdom, Evaluation, Value-added tax, Tax accounting
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