Commentary

91 Value added tax

BAILMENT vol 3(1)
| Commentary

91 Value added tax

| Commentary

I: TAXATION ISSUES OF BAILMENT

91 Value added tax

The basic rule is that UK VAT is chargeable where a ‘taxable person’ in the course or furtherance of business makes a taxable supply of goods or services in the UK for consideration1. The ‘supply of goods’ means the transfer of the right to dispose of tangible property as owner2. Any transaction for consideration which does not constitute a supply of goods is a supply of services3. It is the liability of the person making the supply and it becomes due at the time of supply4. A taxable person is an entity,

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