Chesham on VAT and Financial Services
- CHESHAM ON VAT AND FINANCIAL SERVICES
- ABOUT THE AUTHOR
- 1. INTRODUCTION
- 2. FINANCIAL SERVICES
- 3. INSURANCE
- 4. OUTSOURCING
- 5. VAT COST SHARING EXEMPTION
- 6. INPUT TAX AND VAT RECOVERY
- 7. LEGISLATION, CASE LAW AND APPEALS
- 8. 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 – GUIDANCE ON THE COST SHARING EXEMPTION – FROM 17 JULY 2012
- APPENDIX F – EU MEMBER STATES
- APPENDIX G – SUMMARY OF CAR BENEFIT PERCENTAGES BASED ON CO2 EMISSIONS
- APPENDIX H – TERMINAL MARKETS LISTED IN VAT (TERMINAL MARKETS) ORDER 1973 (AS AMENDED)
Chesham on VAT and Financial Services 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.
Recent developments in this Area covered include payment processing and card handling services, VAT on holding companies and on the right to deduct input tax. Litigation in the areas of Special Investment Funds, pension fund management, partial exemption insurance and outsourcing is also covered. Crowdfunding is a fairly new method of raising funds for activities, and HMRC have now issued guidance on the VAT liabilities affecting transactions.
Appendices include: contracts of insurance:
- Lloyds VAT arrangements;
- HMRC ABI partial exemption guidance for the insurance sector;
- TOGC legal extracts;
- guidance on the cost sharing exemption;
- 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 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. He can be contacted at email@example.com.