Policy paper

Draft legislation: Amendment of the VAT (Input Tax) (Specified Supplies) Order 1999

Consultation on draft amendment to Specified Supplies Order to address the issue of VAT off-shore looping in the financial services sector.

Documents

Draft legislation: Amendment of the VAT (Input Tax) (Specified Supplies) Order 1999

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Draft explanatory memorandum: amendment of the VAT (Input Tax) (Specified Supplies) Order 1999

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Details

On 19 July 2018 the Government announced, through a Written Ministerial Statement to Parliament, that it will legislate to deal with a particular version of VAT avoidance that involved ‘looping’ financial services via non-VAT territories.

A draft statutory instrument that will amend the Specified Supplies Order accordingly is published above, along with a draft explanatory memorandum.

If you have any comments or queries on the detail of the draft instrument or memorandum, these should be emailed to russell.langford-smith@hmrc.gsi.gov.uk before 28 September 2018.

Published 19 July 2018