Commentary

BB/13C/02 VAT—bad debt relief and the treatment of proceeds from the sale of repossessed cars

Part V16 Forms and other HMRC material

BB/13C/02 VAT—bad debt relief and the treatment of proceeds from the sale of repossessed cars

BB/13C/02 VAT—bad debt relief and the treatment of proceeds from the sale of repossessed cars

Business Brief, Issue 13. 9 May 2002

Business Brief 19/01 [BB/19/01, Division V16.3] set out the Commissioners revised policy with respect to the treatment of proceeds from the sale of repossessed cars. The change in policy was introduced to alleviate the possibility of double taxation when new cars were repossessed and sold, where the sale after repossession was a taxable supply with VAT due on the full value. In such cases the proceeds from the sale of the repossessed car do not need to be deducted

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