Commentary

V7.502 Tour Operators' Margin Scheme—planning points to consider

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.502 Tour Operators' Margin Scheme—planning points to consider

Part V7 Tax planning | Commentary

V7.502 Tour Operators' Margin Scheme—planning points to consider

The following planning points should be given consideration.

  1.  

    •     Consider the mandatory nature of the TOMS and the fact that the scheme can apply to businesses who may not regard themselves as tour operators.

  2.  

    •     Consider the agency scheme referred to in HMRC Information Sheet 4/96 (V16.824, Division V16.5).

  3.  

    •     Be aware that, following an ECJ decision in 2013, there is a possibility that the transport company scheme referred to in HMRC Information Sheet 1/97 (V16.828, Division V16.5) may be withdrawn at some point.

  4.  

    •     Consider the impact of Revenue &

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