The following Tax practice note produced in partnership with Martin Scammell provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: HMRC published a call for evidence, ‘Simplifying the VAT Land Exemption’, in May 2021, inviting comments on some radical suggestions for the future scope of the exemption. These included making all ‘short-term or minor’ interests in land subject to VAT, or removing the current ‘option to tax’ rules and instead making all land transactions VATable, subject to specific exemptions such as for property with a residential or charitable purpose. These proposals were not generally well-received, but the move might herald some more specific, and perhaps appropriate, changes. Any such process is likely to take several years. The call for evidence ran from 12 May 2021 to 3 August 2021, and HMRC intends to hold further discussions with businesses in 2022. For more information, see News Analysis: Views on HMRC’s proposals to simplify VAT land exemption rules.
This Practice Note is about the scope of the VAT exemption for property transactions. In many cases the exemption is overridden by other provisions, and these are noted where relevant.
This Practice Note contains references to EU legislation and case law. For information on the ongoing significance of EU law in the UK following the end of the Brexit implementation period on 31 December 2020, see Practice Note: Brexit and tax—the continued application of EU law. Unless otherwise stated, all judgments of
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Form of transfer of sharesThere are a number of circumstances in which shares in a company may be transferred, eg upon a sale of the shares, through the transmission of the shares by operation of law (eg upon the death or bankruptcy of a shareholder), by gift or upon the enforcement of a charge. For
Without prejudice to any other enactment by virtue of which any offence is triable either way1, the following offences are triable either way2: (1) offences at common law of public nuisance3; (2) an offence at common law of outraging public decency4; (3) administering an oath etc
Claiming negligent misrepresentation or negligent misstatement—practical considerationsA claim for negligent misrepresentation may often be brought alongside or in the alternative to a claim for negligent misstatement. It is therefore useful to understand the key practical considerations in respect
Dawn raid—who can raid my organisation and why?IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional
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