VAT: power to provide for refunds to certain persons
This Tax Information and Impact Note is about a new VAT power to provide for refunds to certain persons.
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This measure will create a new section 33E of the VAT Act 1994, which will refund to named non-departmental public bodies, and similar public bodies, the VAT incurred as a part of shared services arrangements used to support their non-business activities. Ordinarily VAT can only be recovered on purchases made to support a person’s taxable business activities.