16 September 2020
With the end of the transition period on 31 December 2020 the UK financial services (“FS”) sector must prepare for life outside the EU’s single market on 1 January 2021.
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.
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.
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.
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.
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.
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.
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.