VAT cost sharing exemption: draft legislation and consultation response | Practical Law
The draft legislation for the Finance Bill 2012 includes measures to implement the VAT cost sharing exemption set out in Article 132(1)(f) of Council Directive 2006/112/EC on the common system of VAT. The legislation introduces a new Group 16 in Part 1 of Schedule 9 to the Value Added Tax Act 1994. This is a detailed update on the exemption and consultation response.