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PARTICULAR ACTIVITIES |
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Land and property - option to tax See VM ¶5568 With effect from 1 May 2009, the operation of the option to tax land and buildings will be changed for traders who have made previous exempt supplies. Currently such traders need HMRC’s formal permission to opt to tax unless they meet one of four automatic permission conditions. From 1 May a new automatic permission condition will be introduced which should allow more traders to opt to tax without seeking prior permission from HMRC. New legislation is to be published in an information sheet which will have the force of law. HMRC will also remove, with effect from 1 May 2010, some informal concessions that had been used to facilitate VAT recovery in these cases. Agencies - place of supply See VM ¶7130 From 1 January 2010, the services provided by intermediaries to business customers will be treated as supplied where the customer is established. Supplies to non-business customers will be unchanged. |
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Tax Memo 2008-2009 covers the Finance Act 2008, and has - changes to the capital allowances regime - transferable IHT nil rate bands - significant changes to residency and the taxation of non-doms - harmonisation of Revenue and Customs’ powers.
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Guiding you through the tax maze with Tax Memo 2008-2009 |
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Benefits: Book and online / 100% reader-friendly / Regularly updated |
