Chesham on VAT and Financial Services
Contents:
- ABOUT THIS SERVICE
- 1. INTRODUCTION
- 2. FINANCIAL SERVICES
- 3. INSURANCE
- 4. OUTSOURCING
- 5. INPUT TAX AND VAT RECOVERY
- 6. LEGISLATION, CASE LAW AND APPEALS
- 7. VAT SUPPLY AND LIABILITIES
- APPENDIX A – CONTRACTS OF INSURANCE
- APPENDIX B – LLOYD’S VAT ARRANGEMENTS
- APPENDIX C – EXTRACT FROM ‘HMRC ABI PARTIAL EXEMPTION GUIDANCE FOR THE INSURANCE SECTOR’
- APPENDIX D – TRANSFERS OF BUSINESS AS A GOING CONCERN – LEGAL EXTRACTS
- APPENDIX E – EU MEMBER STATES AS AT 1 JANUARY 2021
- APPENDIX F – TERMINAL MARKETS LISTED IN VAT (TERMINAL MARKETS) ORDER 1973 (AS AMENDED)
Chesham on VAT and Financial Services (Fourth Edition) takes the reader through the relevant legislation and case law, 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; examines the consequences of outsourcing (through a detailed study of 10 significant cases). It looks at the key issues facing financial services and insurance and then discusses the VAT cost sharing exemption.
Since the third edition, there have been significant developments, including (most obviously) Brexit. The key VAT change is that EU legislation is no longer primary legislation and ECJ court decisions are, in general, no longer binding although there are exeptions and qualification to that statement which VAT practitioners need to be aware of. In addition to this general change, there have been some more specific changes, for example the changes to the VAT (Specified Supplies) Order 1999. A further change has been to the status of Cost Sharing Groups. As Cost Sharing groups are no longer available to the financial services and insurance sectors, the chapter and appendix covering these have been removed from this edition
Appendices include: contracts of insurance:
- Lloyds VAT arrangements;
- HMRC ABI partial exemption guidance for the insurance sector;
- TOGC legal extracts;
- and the VAT territory of the EU.
Finance directors and finance controllers in the financial services and insurance sectors and at those who advise these sectors should all find the book helpful.
About the author:
Mark Chesham has specialised in advising businesses in the financial services and insurance sectors for nearly 30 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 was Director of Indirect Tax Services at Moore Stephens. He now operates as a consultant based in Portugal. He is a member of the VAT Practitioners Group and can be contacted at mark@cheshamconsultancy.com.
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