Value Added Tax Act 1994 section Sch 9ZA para 80

Finance (No. 2) Act 2017

Section Sch 9ZA paragraph 80 modifies the tax avoidance disclosure rules in Schedule 17 to the Finance (No. 2) Act 2017 so that they properly cover VAT on goods acquired from EU member states.

• This paragraph adjusts the VAT avoidance disclosure regime found in Schedule 17 to the Finance (No. 2) Act 2017.
• The concept of VAT "incurred" by a taxable person is broadened to include VAT arising on the acquisition of goods from an EU member state.
• An additional category of VAT — that on acquisitions of goods from a member state — is inserted into the relevant list of VAT types covered by the disclosure rules.
• The effect is to ensure that tax avoidance schemes involving acquisition VAT on goods from EU member states fall within the scope of the disclosure requirements.