VAT update

Article Abstract:

The European Court of Justice issued a decision, which has a major impact on the arts world, which relates to the 5% rate of VAT on importation of qualifying works of art. The UK legislation provides that such works can be brought to the UK for auction purposes and kept in the temporary importation regime until the sale is completed then it is deemed to be imported at the auction sale price and 5% is payable by the auction customer.

Art industry, Art industries and trade, Art auctions

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Providing non-residential use

Article Abstract:

One particular relief in VAT is dependent upon a property that was not used for residential purposes for at least past 10 years. These circumstances can give rise to the making of a zero-rated supply when the grant of a major interest is made in the converted property.

Real Estate, Real Estate and Rental and Leasing, Property Taxes, Real property, Property tax

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VAT update: Get the mileage out of your car

Article Abstract:

Revenue & Customs has released its new policy on the recovery of VAT on road fuel bought by employees on behalf of the business. The policy, applicable from January 1, 2006, will allow input tax claims only if purchase vouchers from the filling stations are produced.

Excise Taxes, Tax policy, Canada. Customs and Revenue Agency, Excise tax

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