Budget
Summary: Value Added Tax
March
2008 |
| |
Registration
and deregistration |
The
VAT registration turnover limit rises to £67,000 from
1 April 2008. The deregistration limit increases to £65,000.
|
| |
Exemption
for fund management |
The VAT exemption for fund management
will be extended to UK-listed investment entities (including
investment trust companies and venture capital trusts) and
certain overseas funds. The change will take effect for supplies
of services from 1 October 2008 |
| |
| Correction
of errors in returns |
| Businesses
can correct past errors on their VAT return for the period in
which the errors are discovered. The limit will be increased
to the greater of £10,000 or 1% of turnover, subject to
a £50,000 upper limit. The new limit will apply to periods
starting after 30 June 2008. |
| |
Fuel
scale rates – quarterly |
New
scales apply from the start of the first accounting period
beginning after 30 April 2007. |
| |
| CO
2 Emissions g/km |
VAT Fuel Scale Charge
|
VAT
due per car |
|
CO
2 Emissions g/km |
VAT
Fuel Scale Charge |
VAT
due per car |
|
CO
2 Emissions g/km |
VAT
Fuel Scale Charge |
VAT
due
per
car
|
| Under
120 |
138 |
20.55 |
|
175-179
|
317 |
47.21 |
|
220-224
|
442 |
65.83 |
| 121-139 |
207
|
30.83
|
|
180-184
|
331 |
49.30 |
|
225-229
|
455 |
67.77 |
| 140-144 |
221 |
32.91 |
|
185-189
|
345 |
51.38 |
|
230-234
|
469 |
69.85 |
| 145-149 |
234 |
34.85 |
|
190-194
|
359 |
53.47 |
|
235
& over |
483 |
71.94 |
| 150-154
|
248 |
36.94 |
|
195-199
|
373 |
55.55 |
|
|
|
|
| 155-159
|
262 |
39.02 |
|
200-204
|
386 |
57.49 |
|
|
|
|
| 160-164
|
276 |
41.11 |
|
205-209
|
400 |
59.57 |
|
|
|
|
| 165-169
|
290 |
43.19 |
|
210-214
|
414 |
61.66 |
|
|
|
|
| 170-174
|
303 |
45.13 |
|
215-219
|
428 |
63.74 |
|
|
|
|
| |
Transitional
period for claims |
| There
will be a transitional period to 31 March 2009, during which
eligible businesses can make VAT repayment claims relating to
periods before the introduction of the present three-year time
limit for claims. The measure will permit claims by businesses
for over-declared output VAT or under-claimed input VAT in periods
between 1 April 1973 and 1 May 1997.
|
The
change is the result of a decision by the House of Lords that
the three-year limit does not currently apply to repayment
rights accrued before 1 May 1997 because there was no transitional
period when the limit was introduced.
|
| |
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|
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Wolverton
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