This article is only available to paid subscribers.

HMRC have launched a consultation 'Withdrawal of extra statutory concessions 2017' on the removal of 3 VAT concessions and 1 income tax / corporation tax concession which are believed to be obsolete.

The concessions are:

  • Zero-rating of central processor – Notice 701/7 (VAT)
  • Composite rate of VAT for computer systems – Notice 701/7 (VAT)
  • Affiliation fees for sports clubs – Notice 701/45 (VAT)
  • C12 - Retail co-operative societies: accounting periods (Income/Corporation Tax)

The proposal is to withdrawn these from April 2018. 

The consultation runs until 7 March 2017, with HMRC seeking evidence on any potential impact for taxpayers.

Links

Our subscriber guide Finance Act 2016: tax update and 2016/17 rolling planner tracks the progress of HMRC's many consultations.

The consultation document can be found here

 

We hope you are enjoying this amazing Practical Tax Database here at www.rossmartin.co.uk.

Sign up now to receive our unique FREE Newsletter full of Tax Planning Tips & Know-How.

.Squirrel ad