Tax Reform

VAT on Self Storage of Goods: Impact on Landlords

HM Revenue and Customs (“HMRC”) have issued a VAT Information Sheet 10/13: Provision of Storage Facilities (“the Information Sheet”) which provides clarity as to what constitutes “storage of goods” for the purposes of Value Added Tax (“VAT”) payable on storage facilities. The purpose of the Information Sheet is to establish the correct VAT liability for the use of storage facilities.   VAT Implications: Storage of …

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HMRC Propose Changes to UK Tax Rules for Limited Liability Partnerships

HM Revenue and Customs (“HMRC”)  have published a new consultation paper, named ‘Partnerships: A Review of Two Aspects of the Tax Rules’. This consultation paper introduces changes to partnership rules which are aimed to reduce the scope for tax avoidance through the use of Limited Liability Partnerships (“LLP”).  It is expected that the new legislation will come into effect …

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