Tax clampdown could cost associations millions in VAT
Language: English Series: Inside Housing ; 22(15) 15 April 2005, 5(1)Publication details: 2005Subject(s): Online resources: Summary: Organisations that use tax avoidance schemes where projects are separated off from the main business for accounting purposes, could be breaking European tax rules after a European Court of Justice adviser has found in favour of the Customs and Excise Commissioners in a recent case, "Halifax plc and others v Customs and Excise Commissioners" (7 April 2005, C-255/02). Such vehicles are used by some housing associations to avoid paying VAT on major development or refurbishment projects. They could be forced to stop using such schemes and face large VAT bills. Housing associations should review tax avoidance schemes that have been challenged by the Customs and Excise in the past.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | L129512 (Browse shelf(Opens below)) | 1 | Available | 129512-1001 |
Organisations that use tax avoidance schemes where projects are separated off from the main business for accounting purposes, could be breaking European tax rules after a European Court of Justice adviser has found in favour of the Customs and Excise Commissioners in a recent case, "Halifax plc and others v Customs and Excise Commissioners" (7 April 2005, C-255/02). Such vehicles are used by some housing associations to avoid paying VAT on major development or refurbishment projects. They could be forced to stop using such schemes and face large VAT bills. Housing associations should review tax avoidance schemes that have been challenged by the Customs and Excise in the past.