BIM40150 - Specific receipts: refunds of sums paid as VAT: contents

This guidance is concerned with the direct tax treatment of refunds, and interest on those refunds, arising from the operation of the Value Added Tax (VAT) regime.

The majority of such refunds and interest accounted for by businesses are taxable receipts for direct tax purposes.

This is a developing area and, of necessity, guidance cannot cover all conceivable circumstances. Any case of doubt or difficulty should be referred to Business Profits.