HMRC Welcomes Victory Over VAT Avoidance Scheme

“According to HM Revenue and Customs (HMRC), the scheme, started in 1998, involved the restructuring of a group engaged in the selling of car warranties. This enabled the VAT on car repair services to be recovered.

Insurers cannot normally recover VAT in such instances, because they do not have to charge VAT on the insurance premiums they receive. In this case, the insurer’s responsibility to repair the cars was devolved to a claims handler, via two Gibraltar reinsurers.”

Well this doesn’t really come as a surprise.

http://www.tax-news.com/news/HMRC_Welcomes_Victory_Over_VAT_Avoidance_Scheme____60741.html

Eamon McNicholas
Tax Barrister, Accountant
EamonMcNicholas.com

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About Eamon McNicholas

Tax Barrister, Accountant www.EamonMcNicholas.com
This entry was posted in Tax and Accounting News and tagged , , , , , , , . Bookmark the permalink.

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