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The greenish tax?

VAT isn't known for having particularly green credentials but it does have a bit of a social conscience.

This is most visible when looking at sectors such as food, children’s clothing, education, welfare and health where there are very specific reliefs.

What is less well known is that there are some reliefs aimed at encouraging use of ‘energy saving materials’ where the rate of 5% rate can be applied rather than the full 20%. Of course, as this is VAT law, the relief is restricted and only apply to the following:

The items on the list are strictly interpreted .  For example, relief applies to the supply and installation of loft insulation but not to installation of a thermally-efficient replacement roof as decided in a recent VAT Tribunal Case, HMRC v Wetheralds Construction.

There's also a relief for the grant-funded installation of heating equipment. But this is not confined to energy-saving heating systems so isn't really a ‘green’ relief.

Current Issues

Tax update for landlords

In this article for Chestertons, Shipleys Tax Principal Mike Luckett gives a round-up of the latest tax changes which landlords should be alert to.

VAT News – Spring 2022

Our roundup of the latest VAT news includes early termination fees and compensation payments, end-customer claim refunds of wrongly charged VAT, plus revised guidance on VAT grouping registration

Businesses set to pay money laundering levy

Some regulated businesses now face paying an annual charge as part of the Government’s drive to combat international financial crime through newly introduced anti-money laundering levy regulations.