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

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Value Added Tax

UK VAT invoice requirements

UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the

14 Jul 2020 13:46 | Produced by Tolley Read more

Personal Tax

Gilts

Gilts‘Gilts’ are securities that are also known by a number of different names (eg gilt-edged securities, Government securities or treasury stock).The Government sells gilts to fund the deficit between public spending and tax receipts. Normally, the Government pays interest to the holder of the gilt

14 Jul 2020 11:48 | Produced by Tolley Read more

Owner-Managed Businesses

Furnished holiday lets

Furnished holiday letsThis guidance note sets out the qualifying conditions for a property let to be treated as a furnished holiday let (FHL) for tax purposes and the subsequent tax implications.Whether or not a property qualifies as an FHL can make an important difference to the taxation

14 Jul 2020 11:46 | Produced by Tolley Read more

UU��ֱ��