UK Seeks Input On Altering Rule That Eases Banks' VAT Costs

Law360 (August 31, 2020, 6:41 PM EDT) -- The U.K. is asking companies for input on a proposed revision of value-added tax rules that let domestic banks and other financial institutions reduce their taxes by including foreign branches in VAT calculations, according to a government document.

The possible rule changes would make it harder for British financial services providers to include overseas branches in their U.K. VAT group, HM Treasury explained in its call for evidence issued Friday.

Treasury said its consultation was aimed at gathering the views of businesses that use VAT grouping provisions, and other interested parties, on how these affect them and the wider business environment....

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