HM Revenue and Customs is expected to triumph in a case involving Halifax
Bank, allowing the taxman to prevent banks reclaiming as much as £1bn in VAT in
Tomorrow, the European Court of Justice is expected to rule that a scheme set
up by Halifax, in the construction of a call centre, should not allow the bank
to reclaim £7m in VAT bills, the Financial Mail reported.
VAT rules on banks allow them to reclaim only a small proportion of the VAT
on building work, but Halifax set up a separate company to act as a middleman in
the building of the call centre. As a construction services business it could
then reclaim much more VAT.
Last April, the European Advocate General gave an initial opinion ruling
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
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