TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Hire Purchase Bad Debts

eBrief No. 30/2007 advises that the regulations on the VAT treatment of bad debts in relation to hire purchase came into effect on 11 June 2007. Revenue have also published a new VAT Information Leaflet on hire purchase transactions.

The Finance Act 2007 amends the VAT treatment of hire purchase transactions. The amendments allow finance houses to become entitled to bad debt relief in respect of such transactions. The Information Leaflet provides guidance in relation to the Finance Act amendments and also information on bad debt relief in general. The VAT Information Leaflet is available at http://www.revenue.ie.

A copy of eBrief No. 30/2007 is available at http://www.revenue.ie/index.htm?/ebrief/ebrief30_07.htm.

The new SI 272/2007 is reproduced at Section 2.07.