The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note covers the VAT treatment of exports undertaken by agents and auctioneers. This note should be read in conjunction with the Exporting goods ― overview and Exporting goods ― evidence of export guidance notes.
See the Supply and consideration ― agents and principals guidance note for more information about agency in general.
See De Voil Indirect tax Service V4.301 for more information on exporting goods.
If a person is selling goods at an auction and those goods will be exported, the VAT treatment of the sale will depend upon whether the auctioneer will be acting in their own name (ie as an undisclosed agent) or as a disclosed agent, and whether the purchaser knows that they are buying the goods from a UK seller. The UK seller needs to know what the arrangements will be from a VAT perspective as this will determine whether VAT needs to be accounted for on the goods sold at the auction where they are subsequently exported to an overseas destination.
From a VAT perspective, one of the following treatments will apply:
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
‘Bed and breakfasting’ was the pre-1998 practice of selling shares and repurchasing them the following day. This technique can still be used in a modified form to achieve capital gains tax (CGT) savings for current or future tax years using:•a spouse / civil partner•a self-invested pension plan
Calculation of the effective tax rateAn international group’s effective rate of tax is usually calculated as the amount of tax it pays divided by its consolidated profits. The effective tax rate depends largely on:•the rate of tax paid by each company in the group•the companies in which profits are
Why defer a gain?An individual’s net taxable income and chargeable gains for the tax year influence the rate of tax payable on their capital gains. See the Introduction to capital gains tax guidance note.Depending on the nature of the asset disposed of, this can result in the individual paying
This guidance note provides an outline of the main trustee powers and duties. Although there is a degree of overlap between them, the term ‘powers’ usually refers to discretionary or optional actions which the trustees may take for the purpose of maintaining the trust and supporting beneficiaries.
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.