About the Tax and VAT Division
The Tax and VAT Division focuses on ensuring that the UK tax regime operates in an effective and equitable manner in relation to the (UK) operations of member firms. The division meets regularly with senior officials in HM Treasury (HMT) and Her Majesty's Revenue and Customs (HMRC) to review policy and operational issues arising from the current UK tax regime, supplementing these meetings as appropriate by both formal and informal written representations. Where relevant, the division also makes representations directly to other bodies such as the European Commission and the OECD.
The work of the division is governed by two Committees, a Tax Committee, covering Corporation Tax, SDRT, and income tax issues, and a VAT Committee. The committees comprise the UK heads of Tax/VAT at member firms, or their designates. The Tax Committee normally meets eight times a year, with supplementary ad hoc meetings as required with HMT and/or HMRC policy officials, and with the Financial Services section of HMRC's Large Business Service. The VAT Committee typically holds three meetings per year, as well as two bilateral meetings with HMRC VAT policy officials. The division liaises with the British Bankers' Association on the major sector-wide issues and, where appropriate, with other relevant trade associations such as the Investment Management Association.
The division also chairs, and provides the secretariat to, the EUSD City Group, an umbrella group of trade associations, major market operators and key accounting and legal advisors, which was established in 1999 to make representations to the European Commission, HMT and HMRC in relation to the European Savings Tax Directive.
Key Issues and Initiatives
- The ongoing HMT/HMRC review of the Taxation of Foreign Profits;
- The Proposed Code of Practice for Bank Taxation;
- UK VAT Treatment of Commission Sharing Arrangements;
- The EU Review of the Financial Services VAT Exemption;
- European Sales Lists (ESLs) and other issues arising from the EU Invoicing Directive; and
- The EU Proposal for a Directive to amend the European Savings Tax Directive.
Contact
Val Price, Managing Director
val.price@afme.eu
+44 (0)20 7743 9328
Ian Harrison, Managing Director (EU Savings Tax Directive)
ian.harrison@afme.eu
+44 (0)20 7743 9349