Global

Details

  • Service: Tax, Global Indirect Tax, International Tax
  • Type: Regulatory update
  • Date: 3/14/2014

United Kingdom - Overpaid output VAT, REIT regulations 

March 14:  A summary of recent tax developments prepared by the KPMG member firm in the UK includes the following discussions:
  • A decision of the Court of Appeal, published 11 March 2014, examines the corporation tax treatment of value added tax (VAT) repayments that related to overpaid output tax on supplies made in the course of the trade. The Court of Appeal found that the “charge to tax” applied to all receipts.
  • The final version of REIT regulations include a UK REIT and an overseas equivalent of a UK REIT in the definition of “institutional investor” and amend the items to be taken into account in calculating a REIT's costs of debt finance.
  • Regulations amend the Unauthorised Unit Trust (Tax) Regulations 2013, and confirm that certain entities will not be treated as “unauthorised unit trusts” (UUT), and that UK corporate investors holding units in non-exempt UUTs will not be required to treat that investment as a creditor relationship.

Read a March 2014 report (PDF 880KB) prepared by the KPMG member firm in the UK: Weekly Tax Matters (14 March 2014)




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now