HM Revenue and Customs Brief 03/12
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Issued 29 February 2012
VAT Tribunal decision in Paymex Limited v HMRC
Revenue & Customs Brief 35/11 published on 20
September 2011, dealt with the insolvency implications of the VAT
Tribunal decision in the case of Paymex Limited, as we understood them
at that time.
HM Revenue & Customs (HMRC) has subsequently
undertaken a review of all insolvency processes in light of the Paymex
ruling, to provide certainty to the insolvency profession as to where
the exemption applies. Following completion of this review, it is
HMRC’s view that the VAT exemption arising from the Paymex ruling
- Individual voluntary arrangements
- Company voluntary arrangements
- Partnership voluntary arrangements
- Protected trust deeds (applicable only in Scotland)
Insolvency practitioner services in all other insolvency
processes remain liable for VAT at the standard rate.
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© Crown Copyright 2012.
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permission of HM Revenue & Customs.
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Article Published/Sorted/Amended on Scopulus 2012-03-01 09:30:11 in Tax Articles