The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note looks at the VAT meaning of the term ‘import’. It also considers when import VAT is due.
For an overview of importing goods from outside the UK generally, see the Imports ― overview (rules from 1 January 2021) guidance note. For Northern Ireland, see the Northern Ireland ― overview guidance note.
In-depth commentary on the legislation and case law on VAT on imports of goods can be found in De Voil Indirect Tax Service V3.302.
At a very high level, the term import refers to goods that are brought into the UK from a country outside the UK.
Technically, however, goods are normally considered to be imported for VAT purposes when they are declared for a customs procedure. This could be that the goods are declared to the ‘free circulation procedure’ (ie they are released for free circulation in the UK), or it could be that the goods are declared to a ‘special customs procedure’ as described in the Imports ― import VAT suspension and reliefs guidance not
**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
‘Hold-over’ relief allows for the deferral of a gain that would otherwise arise in relation to a disposal. No capital gains tax (CGT) is due in respect of the disposal, but the base cost of the asset for the transferee for the purpose of a future disposal is reduced by an amount equal to the gain
Summary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions over 50g/km but not more than 110g/km (to be reduced to 50g/km and below from April 2021)18%CAA
Income and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax 2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting the foreign tax
Normal due dateSmall companies (including marginal relief companies) are required to pay all of their corporation tax ― nine months and one day ― after the end of the chargeable accounting period.For example, where a chargeable accounting period ends on 31 December 2018, the due and payable date for
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.