BRITAIN VAT LAW
October 1st, 2004
BY KEITH NUTHALL
A BRITISH company car VAT regulation deviating from standard EU has been extended until 2008 following a favourable European Court of Justice (ECJ) ruling about a similar system in Germany. The rule involves Customs & Excise restricting to 50% the proportion of company hiring or leasing charges declared as business expenses on VAT returns, thereby reducing VAT bills.
A BRITISH company car VAT regulation deviating from standard EU has been extended until 2008 following a favourable European Court of Justice (ECJ) ruling about a similar system in Germany. The rule involves Customs & Excise restricting to 50% the proportion of company hiring or leasing charges declared as business expenses on VAT returns, thereby reducing VAT bills.
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