Margin Scheme ― Northern Ireland and imports and exports

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note sets out how the margin scheme should apply when a business operates in Northern Ireland, or there are cross-border movements of goods. This guidance note should be read in conjunction with the Operating the margin scheme guidance note.

Northern Ireland

EU transactions

From 1 January 2021 (IP completion day), the section below applies to goods acquired in Northern Ireland as it is still treated as a member of the EU in respect of supplies and movements of goods.

All EU member states operate a margin scheme. Eligible goods sold under the scheme in any EU member state are taxable in the country of origin rather than of destination and are not subject to the normal distance selling rules. However, businesses acquiring goods in Northern Ireland can only use the margin scheme for the onward sale of the goods (excluding motor vehicles) in the following circumstances:

Transaction Type	Treatment	Margin scheme treatment
Goods purchased from a private individual located in an EU member state	The Norther Ireland purchaser

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Definition of a close company

Definition of a close companyThe detailed definition of a close company is set out below, but in summary the rules are targeted at those companies where the owners can manipulate the activities of the company to influence their own tax position. Therefore, broadly speaking, in most cases an

14 Jul 2020 11:24 | Produced by Tolley Read more

Corporation Tax

Overseas property businesses for companies

Overseas property businesses for companiesOverviewReal estate income is generally taxed where the property is located; the UK tax treaties generally allow the jurisdiction where the land is located to tax income from the land.Therefore, a UK company with overseas property may be subject to tax in

14 Jul 2020 12:22 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax Read more

Trusts and Inheritance Tax

Corrections and amendments to the IHT account

Corrections and amendments to the IHT accountThis guidance note explains how to deal with changes to the taxable values in the original inheritance tax account.Why do amendments arise?When the IHT account is first submitted to HMRC, it is based on information available at an early stage of the

14 Jul 2020 11:20 | Produced by Tolley Read more

��Ӱ��