exempt input tax

exempt input tax
Input tax incurred on goods and services purchased which are wholly used, or to be used, in making exempt supplies. After the method has been applied, this value will include the exempt element of residual input tax identified by the partial exemption method. HM Customs & Revenue Glossary

Financial and business terms. 2012.

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  • residual input tax — Input tax incurred by a business on goods and services used or to be used in making both taxable and exempt supplies. This value is apportioned between taxable and exempt supplies by the partial exemption method. HM Customs & Revenue Glossary …   Financial and business terms

  • exempt supply — A supply of goods or services falling within Schedule 9 of the Value Added Tax Act 1994. A person making exempt supplies is not required to account for output tax on the exempt supplies but is unable to recover the input tax on those supplies… …   Law dictionary

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  • exempt supply — A supply for which no tax is payable and in respect of which Input tax cannot be claimed. HM Customs & Revenue Glossary …   Financial and business terms

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  • partially exempt — In the context of value added tax (VAT), a taxable person who makes taxable supplies (taxable supply) and exempt supplies (See exempt supply) will be able to recover input tax only to the extent that the input tax is attributable to his taxable… …   Law dictionary

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