VAT

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Drama VAT

Late payment

In August 2006, HMRC invited taxpayers to submit claims for VAT overpaid prior to1997; see Business Brief 13/06. This was on the basis that, in Michael Fleming (trading as Bodycraft) v CRC (Condé Nast Publications Ltd intervening) [2006] STC 864, the Court of Appeal ruled that the three-year limitation period for claims of overpaid VAT was not introduced lawfully as there was no adequate period for transition. As a consequence, traders' claims that were previously rejected by HMRC for being out of time could now be submitted to HMRC for repayment.

ALLISON PLAGER surveys the recent House of Lords report to find out what conclusions it drew about carousel fraud

VAT Blue Book; Tax Advisers' Livery Company; Website editor vacancy on Taxation magazine

VAT and the retail sector; Tax planning for HNWIs

MALCOLM COUCH and BRIAN JOHNSON explain recent airborne developments on the Isle of Man.

Radical change required

The House of Lords European Union Committee has called on the Government to look again at how it deals with VAT fraud on goods imported from other EU states in the light of missing trader fraud. The scale of such fraud on Government revenue was estimated to have been £4.75 billion in 2005-06.

NEIL WARREN considers the practical issues arising from the new reverse charge rule

And finally …

The Real Finance/CBI FDs' Excellence Award for Government agency of the year has been awarded to HMRC (VAT services). The Excellence Awards are for companies that have provided services to UK businesses. Finance directors vote for their chosen organisation and HMRC (VAT services) won in the Government agency category. Congratulations!

The three-year cap on VAT claims is causing problems 11 years on since it was introduced. GRAHAM BREARLEY explores a recent leading case on the subject.

Another year's carefree motoring? RICHARD CURTIS looks at the emissions emanating from the exhaust pipe of the 2007 Budget.

The reverse charge aimed at preventing carousel fraud will be introduced on 1 June 2007 as part of the Government's strategy to tackle missing trader intra-community fraud.

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