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HMRC internal manual

VAT Finance Manual

From
HM Revenue & Customs
Updated
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Other law and policy to consider: partial exemption

Most financial and banking suppliers will either be wholly or partly exempt. A business is partly exempt if its input tax relates to both taxable and exempt supplies.

If the business is partly exempt, it may not be able to claim back all its input tax and will have to use a method to calculate the proportion which can be claimed. This is a very complex area and you should consult the guidance at PE - Partial Exemption for more detailed information. If you have any questions concerning this issue please contact your TAPE Team.