Business promotion schemes ― vouchers

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note deals with the VAT treatment of vouchers that have been issued on or after 1 January 2019.

For information on other business promotion schemes, see the Business promotion schemes ― overview guidance note.

For more detailed commentary, see De Voil Indirect Tax Service V3.167.

What is a voucher?

According to HMRC, vouchers will be defined as an instrument, regardless of whether it is in a physical or electronic form, that meets all of the following conditions:

•
‘either a physical or electronic instrument
•
that carries an entitlement to be accepted as consideration for the provision of goods or services
•
where either or both of the goods or services for which it may be accepted, and the persons under an obligation to accept it as consideration for those goods or services, are limited and are stated on or in it
•
which is transferable by gift’

The term ‘limited’ means that an instrument is only applicable to either specified products or specified suppliers, as opposed to money

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Trusts and Inheritance Tax

Transfer of assets to beneficiaries ― legal, administration and tax issues

Transfer of assets to beneficiaries ― legal, administration and tax issuesThis guidance note outlines how assets are transferred to beneficiaries and the tax consequences that flow from the transfer. Whether a payment is income or capital is discussed in the Payments to trust beneficiaries guidance

14 Jul 2020 13:52 | Produced by Tolley Read more

Owner-Managed Businesses

Special rate pool and long life assets

Special rate pool and long life assetsSpecial rate poolExpenditure on some types of plant or machinery must, if neither annual investment allowance (AIA) nor first year allowances (FYAs) are available, be allocated to a ‘special rate pool’. Expenditure to be allocated to the special rate pool

14 Jul 2020 13:41 | Produced by Tolley Read more

Value Added Tax

UK VAT invoice requirements

UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the

14 Jul 2020 13:46 | Produced by Tolley Read more

��Ƶ