[ad_1]
The Treasury has proposed removing the VAT exemption on private school fees and boarding school tuition fees from January 1, 2025.
The UK Chancellor of the Exchequer announced on 29 July 2024 that from 1 January 2025, all educational services and vocational training provided by private schools will no longer be exempt from VAT, but will be subject to the standard rate of 20%.
In addition, any invoices or prepayments relating to terms after 1 January 2025 will also be subject to standard VAT.
These changes may require private schools that are not currently VAT registered to apply for registration. However, there is no requirement to apply immediately following this announcement. Further detailed guidance on how and when to register for VAT will be published in due course.
Draft legislation is currently being prepared and under the terms of the Customs and Excise Agreement 1979 we are required to bring customs and excise rules and procedures into line with those in the UK.
HMRC published the following policy paper brief on 29 July 2024.
We will publish and provide further detailed guidance and legislative updates in due course.
If you have any questions, please email us at customs@gov.im Or call +44 1624 648130 (8.30am to 4.30pm, Monday to Friday).
[ad_2]
Source link
