Welcome to the September 2023 edition of RPC's V@, an update which provides analysis and news from the VAT world relevant to your business.
Announcing our new weekly update – Tax Take +
Please note that from next month, our VAT update will be replaced by RPC's brand new weekly update, Tax Take +, containing all the latest developments in the tax and regulatory world including key upcoming dates, news, blogs, guidance notes and our latest podcasts and webinars, all designed to keep you up to date with fast moving developments in the tax and regulatory world. We hope you enjoy the new format. Please do reach out to the RPC Tax Team if you have any queries.
- HMRC has published a new section in its VAT Partial Exemption manual relating to private equity and venture capital. It confirms HMRC's view of the VAT treatment of supplies including receipt of a priority profit share by a general partner (not consideration for a supply for VAT purposes) and management services provided by private equity houses (business activities subject to VAT).
- The final version of the Border Target Operating Model, relevant for all who import food, animals, animal products, plants or plant products into the UK, has been produced. It sets out a new approach to importing goods, to be introduced progressively from January 2024.
- HMRC has published a policy paper announcing that VAT zero rating for drugs, medicines and aids for disabled people is to be extended (temporarily) from 9 October 2023 until 31 March 2027, to include the supply of certain drugs and medicines to an individual for personal use.