Commentary

V4.136F Exemption for finance—current, deposit and savings accounts

Part V4 Exemption, zero-rating and reduced rates

V4.136F Exemption for finance—current, deposit and savings accounts

V4.136F Exemption for finance—current, deposit and savings accounts

VATA 1994, Sch 9, Group 5, item 8—scope of the exemption

The operation of any current, deposit or savings account is exempt1. This includes ancillary elements such as the issue of personalised (ie printed with the customers' details) cheque books to customers2. However, the issue of 'special' cheque books (ie printed with the customer's logo or other information which promotes brand awareness) is a separate standard-rated supply3. Also standard-rated are charges for the issue of certain types of financial certificate (for example, audit and balance

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