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Vat and Financial Services [Mikrofilm]

  • Formaat: Microfilm, 262 pages, 1 Illustration (black and white)
  • Ilmumisaeg: 12-Nov-2012
  • Kirjastus: Spiramus Press
  • ISBN-10: 1907444424
  • ISBN-13: 9781907444425
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Vat and Financial ServicesSuurem pilt
  • Formaat: Microfilm, 262 pages, 1 Illustration (black and white)
  • Ilmumisaeg: 12-Nov-2012
  • Kirjastus: Spiramus Press
  • ISBN-10: 1907444424
  • ISBN-13: 9781907444425
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9781907444425.html
Märksõnad:
This book is designed for finance directors and finance controllers in the UK's financial services and insurance sectors, as well as for those who advise these sectors. It assumes a reasonable working knowledge of value added tax (VAT.) VAT and Financial Services takes the reader through the relevant UK legislation and case law, examining: the legal concepts, such as time and place of supply, the distinction between goods and services, what is taxable, and the interaction of these elements * the consequences of outsourcing (through a detailed study of ten significant cases) * the key issues facing financial services and insurance * the VAT cost sharing exemption. The book also includes appendices that cover: contracts of insurance * Lloyd's VAT arrangements * Her Majesty's Revenue and Customs and Association of British Insurers partial exemption guidance for the insurance sector * "Transfer of a Business as a Going Concern" legal extracts * guidance on the cost sharing exemption * the VAT territory of the EU.
About the author iii
Acknowledgements iv
Contents v
Tables of authorities
xi
1 Introduction
1(4)
2 Financial Services
5(58)
2.1 Introduction
5(2)
2.1.1 Place of supply
7(1)
2.2 Money and money-related services
7(5)
2.2.1 The issue of money
8(1)
2.2.2 The transfer of money
8(1)
2.2.3 A security for money
9(1)
2.2.4 Dealing with money
9(1)
2.2.5 Foreign exchange
9(1)
2.2.6 Automated teller machines (ATMs)
10(1)
2.2.7 Current, deposit and savings accounts
11(1)
2.2.8 Dishonoured cheques or direct debit payments
11(1)
2.2.9 Electronic banking
11(1)
2.2.10 Travellers' cheques
11(1)
2.2.11 Deductions from pay
12(1)
2.2.12 Clearing and settlement services
12(1)
2.3 Securities
12(4)
2.3.1 Stock lending
12(1)
2.3.2 Custody services
13(1)
2.3.3 Nominee services
13(1)
2.3.4 Share registrar services
13(1)
2.3.5 Underwriting
14(1)
2.3.6 Dealer Systems and Data Services
15(1)
2.3.7 Specialist services
15(1)
2.4 Investment funds and wrappers
16(7)
2.4.1 Management of special investment funds
17(1)
2.4.2 Closed-ended collective investment undertakings
18(1)
2.4.3 Wrapper products
19(2)
2.4.4 AUTIF administrative agreement
21(1)
2.4.5 Wrap accounts
21(2)
2.5 Derivatives
23(5)
2.5.1 Commodity futures, options and other derivatives
23(2)
2.5.2 Financial futures
25(1)
2.5.3 Financial futures - exchange trading
25(1)
2.5.4 Financial options
26(1)
2.5.5 Other types of trade: trading by locals
26(1)
2.5.6 Other types of trade: trading over-the-counter
27(1)
2.5.7 Other types of trade: trading on non-UK exchanges
27(1)
2.5.8 Interest rate swaps
27(1)
2.5.9 Currency swaps
27(1)
2.5.10 Financial Spread Betting (FSB)
28(1)
2.5.11 Contracts for Differences (CFDs)
28(1)
2.6 Intermediary services
28(12)
2.6.1 Securities Broking
30(1)
2.6.2 Soft Commissions
31(1)
2.6.3 Corporate finance
31(2)
2.6.4 Financial investigations
33(1)
2.6.5 Independent Financial Advisers (IFAs)
33(5)
2.6.6 Affinity card arrangements
38(1)
2.6.7 Credit and Debit card handling services
39(1)
2.6.8 Individual voluntary arrangements and Company voluntary arrangements
40(1)
2.6.9 Derivatives
40(1)
2.7 Supplies relating to the provision of credit
40(8)
2.7.1 Credit, debit and charge cards
42(1)
2.7.2 The provision of outsourced services to a loan provider
43(1)
2.7.3 Deferred payments and discounts
43(1)
2.7.4 Penalties for late payments
44(1)
2.7.5 Hire-purchase, conditional sale and credit sale agreements
44(4)
2.7.6 Pawnbrokers
48(1)
2.8 Debts and related services
48(3)
2.8.1 The sale of debts
48(1)
2.8.2 Factoring and invoice discounting
48(1)
2.8.3 Debt negotiation
49(1)
2.8.4 Debt collection
50(1)
2.8.5 Insolvency practitioner services
51(1)
2.9 Islamic Finance
51(5)
2.9.1 Price plus `profit' products
51(2)
2.9.2 Lease and lease plus purchase
53(1)
2.9.3 Shared ownership (diminishing Musharaka)
54(1)
2.9.4 Agency (wakala)
55(1)
2.9.5 Sharia'a compliant current and savings accounts
56(1)
2.9.6 Intermediary services
56(1)
2.10 Standard rated services
56(3)
2.10.1 Discretionary investment management and `portfolio management'
57(1)
2.10.2 Deutsche Bank AG v Finanzamt Frankfurt am Main v Hochst (Case C-44/11) [ 2012] STC 1951
57(2)
2.10.3 Discretionary Investment Management and IFAs
59(1)
2.11 Investment Gold
59(4)
2.11.1 Definition of investment gold
59(1)
2.11.2 Exemption
59(1)
2.11.3 Notification
60(1)
2.11.4 Option to tax
60(1)
2.11.5 General record keeping requirements
61(2)
3 Insurance
63(34)
3.1 Introduction
63(6)
3.1.1 Definitions
63(1)
3.1.2 Legislation
64(3)
3.1.3 Place of supply
67(1)
3.1.4 Consideration and Time of supply
68(1)
3.1.5 Recovery of input tax
69(1)
3.2 General (non-life) insurance
69(6)
3.2.1 Insurance linked to the export of goods
70(1)
3.2.2 Marine aviation and transport (MAT) insurance
70(2)
3.2.3 Protection and Indemnity (P. & I) Clubs
72(1)
3.2.4 Engineering inspection services
73(1)
3.2.5 Block Policies
74(1)
3.3 Life Assurance
75(2)
3.3.1 Sale of part-paid endowment policies
76(1)
3.3.2 Broker managed funds offered by life assurance companies
76(1)
3.4 Friendly Societies
77(1)
3.4.1 Medical and welfare funds
77(1)
3.5 Insurance intermediary services
77(6)
3.5.1 Legislation
78(1)
3.5.2 Scope of services
78(2)
3.5.3 Services not regarded as those of an insurance intermediary
80(1)
3.5.4 Staatssecretaris van Financien v Arthur Andersen & Co Accountants cs (ECJ Case C-472/03) [ 2005] STC 508 (see also 2.10)
81(1)
3.5.5 Web-based intermediaries
82(1)
3.6 Lloyd's
83(3)
3.6.1 Syndicates
84(1)
3.6.2 Managing Agents
85(1)
3.6.3 Members' Agents and Lloyd's advisers
85(1)
3.6.4 Corporate members and Scottish limited partnerships
85(1)
3.6.5 Lloyd's entrance fees or subscriptions
85(1)
3.6.6 Imported services
86(1)
3.7 Insurance claims
86(3)
3.7.1 Legal costs
87(1)
3.7.2 Costs on individual claims
87(1)
3.7.3 Loss adjusters and loss assessors
87(1)
3.7.4 Supply of surrendered goods following an insurance claim
88(1)
3.7.5 Replacement goods and services
89(1)
3.8 Insurers in `run off'
89(1)
3.8.1 Partial exemption for insurers in run off
89(1)
3.8.2 Administration of run off
90(1)
3.9 Other types of insurance
90(3)
3.9.1 Guarantees and Warranties
90(1)
3.9.2 Vehicle Breakdown
91(1)
3.9.3 Funeral Plans
91(1)
3.9.4 Insurance supplied with other goods or services
92(1)
3.10 Insurance Premium Tax (IPT)
93(4)
3.10.1 General
93(1)
3.10.2 Rates
93(1)
3.10.3 Exemptions
94(1)
3.10.4 Liability to pay
94(1)
3.10.5 Overseas premium taxes
94(1)
3.10.6 IPT and partial exemption
94(3)
4 Outsourcing
97(18)
4.1 Introduction
97(1)
4.2 Sparekassernes Datacenter (SDC) v Skatteministeriet (Case C-2/95) [ 1997] STC 932
98(3)
4.3 C&E Commrs v Civil Service Motoring Association [ 1998] STC 111
101(1)
4.4 C&E Commrs v CSC Financial Services Limited (formerly Continuum (Europe) Limited) (Case C-235/00) [ 2002] STC 57
102(1)
4.5 C & E Commrs v FDR Ltd [ 2000] STC 672
103(1)
4.6 C & E Commrs v Electronic Data Systems Ltd [ 2003] STC 688
104(1)
4.7 Century Life plc v C&E Commrs [ 2000] STC 276
104(2)
4.8 Forsakringsaktiebolaget Skandia (Case C -- 240/99) STC 754
106(2)
4.9 C & V (Advice Line) Services Ltd v C & E Comrs (2001) (17310)
108(2)
4.10 Staatssecretaris van Financien v Arthur Andersen & Co Accountants cs (Case C-472/03) [ 2005] STC 508
110(2)
4.11 JCM Beheer BV v Staatssecretaris van Financien (Case C-124/07) [ 2008] STC 3360
112(3)
5 VAT Cost Sharing Exemption
115(2)
5.1 Introduction
115(1)
5.2 Who could be affected by the cost sharing exemption?
116(1)
5.3 What supplies are covered by the exemption?
116(1)
5.4 Supplies made to a CSG
116(1)
5.5 Existing arrangements
116(1)
5.6 Detailed guidance
116(1)
6 Input Tax and VAT Recovery
117(26)
6.1 Introduction
117(1)
6.2 Definition of input tax
117(1)
6.3 Who can recover input tax
117(1)
6.4 Blocked input tax
118(3)
6.4.1 Business entertainment
118(1)
6.4.2 Motorcars
119(2)
6.5 Purchases from overseas suppliers
121(1)
6.6 Partial Exemption
121(14)
6.6.1 Overview
121(1)
6.6.2 Direct Attribution
121(1)
6.6.3 Residual input tax
122(1)
6.6.4 De minimis limits
123(1)
6.6.5 Outside the scope supplies
124(1)
6.6.6 Standard method
125(1)
6.6.7 Standard method override
126(1)
6.6.8 Special methods
127(4)
6.6.9 Annual adjustments
131(1)
6.6.10 Change in use adjustments
132(2)
6.6.11 Other issues
134(1)
6.7 Capital goods scheme
135(5)
6.7.1 Definition of capital expenditure
136(1)
6.7.2 The adjustment period
136(1)
6.7.3 First interval
137(1)
6.7.4 Adjustment method
138(1)
6.7.5 Disposals during the adjustment period
138(1)
6.7.6 Records
139(1)
6.8 Recovery of VAT incurred elsewhere in the EU
140(3)
6.8.1 The Refund Scheme - general rules
140(1)
6.8.2 Refund periods
141(1)
6.8.3 Time limits
141(1)
6.8.4 Partly Exempt applicants
141(1)
6.8.5 Notification
141(2)
7 Legislation, Case Law and Appeals
143(4)
7.1 Introduction
143(1)
7.2 EU legislation
143(1)
7.3 Primacy of EU Directives over national legislation
143(1)
7.4 UK legislation
144(1)
7.5 Appeals
145(1)
7.6 Legislation relevant to the financial services and insurance sectors
145(2)
7.6.1 Directive 2006/112/EC
145(1)
7.6.2 VATA 94 and Sis
145(2)
8 VAT Supply and Liabilities
147(18)
8.1 Meaning of supply
147(1)
8.2 Supply of goods
148(1)
8.3 Supply of services
149(1)
8.4 Supply of neither goods nor services
149(2)
8.4.1 The transfer of a business as a going concern
150(1)
8.5 Place of supply
151(5)
8.5.1 Place of supply of goods
151(2)
8.5.2 Place of supply of services
153(2)
8.5.3 Place of belonging and establishment
155(1)
8.6 Time of supply
156(5)
8.6.1 Time of supply of goods
157(1)
8.6.2 Time of supply of services
157(1)
8.6.3 Time of supply for continuous supplies of services
157(1)
8.6.4 Time of supply for exempt supplies
158(1)
8.6.5 Single and multiple supplies
158(3)
8.7 Taxable supplies
161(1)
8.8 Exempt supplies
161(1)
8.9 Outside the scope supplies
161(1)
8.10 Reverse charge
162(3)
Appendix A Contracts of Insurance 165(6)
Appendix B Lloyd's VAT Arrangements 171(16)
Appendix C Extract from `HMRC ABI Partial Exemption Guidance for the Insurance Sector' 187(26)
Appendix D Transfers of Business as a Going Concern -- Legal Extracts 213(4)
Value Added Tax (Special Provisions) Order 1995 (SI 1995/1268)
213(1)
Value Added Tax Act 1994
214(3)
Appendix E Guidance on the Cost Sharing Exemption - From 17 Jul 2012 217(22)
Appendix F EU Member States 239(2)
Appendix G Summary of Car Benefit Percentages Based on CO2 Emissions 241(2)
Appendix H Terminal Markets Listed in VAT (Terminal Markets) Order 1973 (As Amended) 243(2)
Index 245
Mark Chesham has specialised in advising businesses in the financial services and insurance sectors for nearly 25 years. He started with HM Customs and Excise, working in a specialist insurance team, before spending 15 years in two of the 'Big 4' accounting firms. He set up his own consultancy practice in 2005 and is now Director of Indirect Tax Services at Moore Stephens. He is a member of the Chartered Insurance Institute and the VAT Practitioners Group.