Extension of VAT zero rates in Autumn Statement
[ad_1] The zero rate of VAT will apply to reusable period underwear and the installation of a wider range of energy saving materials from early 2024. The Chancellor announced the extension of two VAT zero rates at the Autumn Statement 2023. Period underwear The zero rate for women’s sanitary products, which replaced the reduced rate […]
Extension of investment zone and freeport tax reliefs
[ad_1] Ahead of the Autumn Statement, the government has announced that the investment zone and freeport tax reliefs will be extended from five to 10 years. A programme for investment zones was set out in the Spring Budget 2023. The government plans for 12 zones to be established in the UK, including four outside England. […]
Extension of VAT second-hand margin scheme in NI
[ad_1] Eligible vehicles purchased in Great Britain and moved to Northern Ireland before 1 May 2023 can now be sold under the margin scheme until 30 April 2024. Until 1 May 2023, businesses could account for VAT on second-hand vehicles bought in Great Britain and sold in Northern Ireland under the second-hand margin scheme. This […]
ICAEW considers extension on VAT relief for energy saving
[ad_1] The Tax Faculty expresses concerns with the expansion of VAT reliefs generally, but considers the extension of the zero rate the best option at the current time. In ICAEW REP 47/23, ICAEW’s Tax Faculty notes that VAT reliefs are not the optimal policy tool for driving behavioural change. In this case, the behavioural change […]