Commentary

V7.246 Introduction to imports and acquisitions

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.246 Introduction to imports and acquisitions

Part V7 Tax planning | Commentary

Imports and acquisitions

V7.246 Introduction to imports and acquisitions

For VAT purposes, the rules are different according to whether the goods are arriving from an EU or non-EU country:

  1.  

    •     imports – only goods arriving from non-EU countries are classed as imports

  2.  

    •     acquisitions – goods arriving from EU countries are known as 'acquisitions' and it is important to be clear about which countries are in the EU (the Channel Islands are not part of the EU for VAT purposes)

Note – the United Kingdom has now left the European Union (on 31 January 2020), and the subsequent transitional period

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