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The proposal is to withdrawn these from April 2018.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

• Prev
• Next