(“AMLD”) will be abolished and gaming machine income will become exempt from VAT;
Replaced with a new MGD– there will be a standard and lower rate (lower rate likely to include category D machines which are exempt from AMLD);
Crucially there is no indication of the rate which will be decided as part of the normal budget process. HMT states that there will be winners and losers; and
There is also no indication that the original commitment that any change should be ‘revenue neutral’ has been retained. However, in addition to the main points noted above and the overall financial impact and changes to systems and processes, specific to the operation of slots, that will be required this change will also have a material effect on the partial exemption position.
Partial exemption calculates the amount of VAT that can be recovered by a business when the income of the business includes both VATable and exempt income. It is one of the most complex areas of VAT.
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Although partial exemption should have been considered as part of any claims that have been submitted, it is a key area that bingo operators should focus on now in order to ensure that their VAT recovery position remains both fair and reasonable following the change in VAT treatment of slots. Claiming too much VAT under partial exemption can lead to interest and penalties whereas claiming too little will impact profits.
These are complex VAT issues. If you would like to discuss any of the issues and opportunities mentioned above then please contact any of the following at Deloitte. They will be pleased to discuss any queries that you may have:
Barney Horn – Partner (0121 695 5902 or
bhorn@deloitte.co.uk),
Richard Dalton – Senior Manager (020 7007 4128 or
ridalton@deloitte.co.uk); or, Luke Sieger – Manager (01727 88 5025 or
lsieger@deloitte.co.uk)
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