In response to an HMRC consultation on simplifying the VAT land exemption, the Institute of Chartered Accountants in England and Wales (ICAEW) has called the current VAT rules related to land and property ‘unnecessarily complex’, saying that they would benefit from ‘significant simplification’. The ICAEW highlighted the need for a fundamental review of VAT exemptions, urging HMRC to abolish all VAT exemptions and remove all VAT options.
In response to an HMRC consultation on simplifying the VAT land exemption, the Institute of Chartered Accountants in England and Wales (ICAEW) has called the current VAT rules related to land and property ‘unnecessarily complex’, saying that they would benefit from ‘significant simplification’. The ICAEW highlighted the need for a fundamental review of VAT exemptions, urging HMRC to abolish all VAT exemptions and remove all VAT options.