91 Value added tax

BAILMENT vol 3(1)

91 Value added tax

| Commentary

I: TAXATION ISSUES OF BAILMENT

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

View the latest version of this document, as well as thousands of others like it, sign in to LexisNexis or register for a free trial

EXISTING USER? SIGN IN CONTINUE READING