Commentary

V3.441 Seventh Directive margin scheme goods (other than motor cars)

Part V3 Supplies, acquisitions and imports

V3.441 Seventh Directive margin scheme goods (other than motor cars)

V3.441 Seventh Directive margin scheme goods (other than motor cars)

From 1 January 1995, taxable dealers have been entitled to account for VAT on their profit margin on supplies of—

  1.  

    (1)     second-hand goods;

  2.  

    (2)     works of art;

  3.  

    (3)     collectors' items; and

  4.  

    (4)     antiques.

For a description of the margin schemes, see V3.531–537.

VAT charged on the profit margin on a supply made under the margin scheme is excluded from credit and may not, therefore, be deducted from output tax for which the recipient of such a supply may be liable to account1.

From 1 June 1995 provision was made in UK legislation for

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