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Finance Act 2012


1.Section 200 puts on a statutory footing a long standing concession on how the reverse charge on an intra-group supply (which arises when a partly exempt VAT group buys in services through an overseas group member) should be valued. It applies where the representative member of the group satisfies the Commissioners as to the value of the bought in services. It sets out how the charge is to be calculated and allows HMRC to direct that the value of the bought in services is to be an open market value. It also provides a power for subsequent amendments to be made to the valuation provision.

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