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Response to HMRC IPT consultation
Justine McInnes

Insurance Premium Tax is a complex and unusual tax in that while it is the underwriter which is usually the “taxpayer” for IPT purposes, it is generally the broker which bears at least part of the cost of the IPT.

Good VAT news for financial services providers
John Forth

08 March 2019

Draft legislation issued last week appears to be very good news for FS providers who supply services to recipients located in the EU, and who currently suffer a significant VAT cost on such supplies – resulting from VAT recovery on the costs associated with these supplies being blocked.

No IPT rate rise

29 October 2018

No IPT rate rise this Budget but does it really mean insurance premiums won’t go up? Justine McInnes talks about the common misconception that IPT is passed on to the insured and explains who really bears the cost of this poorly understood tax.

New draft legislation could severely restrict VAT recovery by insurers
Justine McInnes

24 July 2018

New draft legislation issued by HMRC could potentially impose very significant restrictions on VAT recovery by providers of certain 'insurance related' services, RSM has warned.

FS providers and outsourcing: the potential hidden VAT cost
Justine McInnes

01 May 2018

It is clear following Axa Denplan (CJEU Case 175/09), that services which fall within the description of “payment processing” will only qualify for VAT exemption in very limited circumstances.

Financial services providers: withdrawal of the cost sharing exemption
Justine McInnes

27 March 2018

Very broadly speaking, the UK and EU cost sharing legislation enables exempt/partly exempt organisations to manage their VAT cost on back office services by setting up a separate 'cost sharing vehicle' (CSV). Subject to some arguably, fairly stringent conditions being met, the supply of 'back office' services by the CSV will be exempt.

HMRC signals end to VAT cost sharing groups in financial services
John Forth

26 March 2018

HMRC has signalled the end of VAT cost sharing groups in the financial services sector after publishing a briefing paper on its response to a recent EU ruling. Although not widely used across the industry, VAT cost sharing structures operate as a valuable VAT cost reduction tool for financial services firms - particularly when combined with other VAT cost reduction mechanisms.

Justine McInnes

Indirect Tax Director

Justine is qualified as a Solicitor and Chartered Tax Adviser and has over 20 years’ experience of working in Indirect Tax (VAT and IPT). Justine’s main field of expertise is financial services clients and Justine offers a wide range of services in this sector; these include Indirect Tax advisory and compliance services, Indirect Tax litigation and dispute resolution services, and Indirect Tax legal support services in relation to contract formation and claims in contract law.

The EU is investigating the UK’s VAT treatment of commodity derivatives trades
John Forth

The EU Commission has confirmed that it is commencing infraction proceedings against the UK in respect of trading in certain commodity derivatives. At present transactions in relation to commodity derivatives including spot trades, futures and options benefit from a VAT zero rate under what is referred to as the Terminal Markets Order (TMO).

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