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VAT and Financial Services

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Häftad, Engelska, 2026

AvMark Chesham

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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); looks at the key issues facing financial services and insurance; and then discusses the VAT cost sharing exemption.Since the last edition, whilst there have been relatively few legislative changes, there have been some significant changes in HMRC's interpretation and guidance on issues such as pensions (employers right to VAT recovery on investment management costs) and VAT groups (a restoration of HMRC's position that existed prior to the Skandia case).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.

Produktinformation

Utgivningsdatum2026-02-26
Mått156 x 234 x undefined mm
FormatHäftad
SpråkEngelska
SerieVAT Guides
Antal sidor268
Upplaga26005
FörlagSpiramus Press
ISBN9781913507923

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Finansiering inom Ekonomi och Ledarskap
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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 mark.chesham@moorestephens.com.

About the author iiiAcknowledgements ivContents vTables of authorities xiIntroduction 1Introduction to the first edition, September 2012 1Introduction to the second edition, June 2015 4Introduction to the third edition, March 2017 5Introduction to the fourth edition, June 2022 7Introduction to the fifth edition, December 2025 9Financial Services 112.1. Introduction 112.2. Money and money-related services 142.3. Securities 222.4. Investment funds and wrappers 252.5. Derivatives 392.6. Intermediary services 452.7. Supplies relating to the provision of credit 602.9. Islamic finance 722.10. Standard rated services 772.11. Investment gold 81Insurance 843.1. Introduction 843.2. General (non-life) insurance 913.3. Life assurance 963.4. Friendly Societies 983.5. Insurance intermediary services 993.6. Lloyd's 1063.7. Insurance claims 1093.8. Insurers in 'run off' 1143.9. Other types of insurance 1153.10. Insurance Premium Tax (IPT) 118Outsourcing 1214.1. Introduction 1214.2. Sparekassernes Datacenter (SDC) v Skatteministeriet (Case C- 2/95) [1997] STC 932 1224.3. C&E Commrs v Civil Service Motoring Association [1998] STC 111 1254.4. C&E Commrs v CSC Financial Services Limited (formerly Continuum (Europe) Limited) (Case C–235/00) [2002] STC 57 1254.5. C & E Commrs v FDR Ltd [2000] STC 672 1274.6. C & E Commrs v Electronic Data Systems Ltd [2003] STC 688 1274.7. Century Life plc v C&E Commrs [2000] STC 276 1284.8. Försäkringsaktiebolaget Skandia (Case C – 240/99) STC 754 1304.9. C & V (Advice Line) Services Ltd v C & E Comrs (2001) (17310) 1324.10. Staatssecretaris van Financiën v Arthur Andersen & Co Accountants cs (Case C-472/03) [2005] STC 508 1344.11. JCM Beheer BV v Staatssecretaris van Financien (Case C-124/07) [2008] STC 3360 1364.12. Aspiro (formerly BRE Ubezpieczenia Sp. z o.o.) v Minister Finansów (Case C – 40/15) 137Input Tax and VAT recovery 1385.1. Introduction 1385.2. Definition of input tax 1385.3. Who can recover input tax 1385.4. Blocked input tax 1395.5. Purchases from overseas suppliers 1425.6. Partial exemption 1425.7. Capital goods scheme 167 5.8. Recovery of VAT incurred in the EU 172Legislation, Case Law and Appeals 1756.1. Introduction 1756.2. EU legislation 1756.3. Primacy of EU Directives over national legislation and European Union (Withdrawal) Act 2018 1766.4. UK legislation 1776.5. Appeals 1776.6. Legislation relevant to the financial services and insurance sectors 178VAT supply and liabilities 1797.1. Meaning of supply 1797.2. Supply of goods 1807.3. Supply of services 1817.4. Supply of neither goods nor services 1817.5. Place of supply 1837.6. Time of supply 1887.7. Taxable supplies 1927.8. Exempt supplies 1937.9. Outside the scope supplies 1937.10. Reverse charge 194Appendix A – Contracts of Insurance 196Appendix B – Lloyd's VAT Arrangements 201Appendix C – Extract from 'HMRC ABI Partial Exemption Guidance for the Insurance Sector' 215Appendix D – Transfers of business as a Going Concern – Legal Extracts 240Appendix E – EU member states as at 1 January 2021 244Appendix F – Terminal markets listed in VAT (Terminal Markets) Order 1973 (as amended) 245 Index 247