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VAT aspects of Finance Bill 2016.
KEY POINTS
- The EU referendum is delaying debate of Finance Bill 2016.
- Strengthening of rules on UK representatives of overseas businesses selling in the UK.
- Online marketplace operators to be liable for the VAT.
- HMRC will be able to assess operators for VAT owed.
- Amendments to the reduced rate for energy-saving materials in residential accommodation are delayed.
There are not many clauses on VAT in Finance Bill 2016 but there are some important new provisions in Part 7. These are part of a package of measures announced in the Budget that are aimed at tackling online fraud and creating a level playing field for businesses selling goods online.
Clause 112 introduces amendments to VATA 1994 s 48 to strengthen the existing rules that enable HMRC to direct overseas businesses...
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