VAT news tagged as "Credit Lyonnaise"

United Kingdom

UK closes £100m banking & insurance VAT loophole in budget

March 22nd, 2015

The UK is to close a tax loophole costing almost £100m per annum relating to the recovery of VAT by banks and insurers with foreign branches. The closing of the loophole follows a European Court of Justice VAT ruling on Credit Lyonnais in 2013. Generally, banking and insurance (Financial Services) is VAT exempt. But if …