法律英语词汇“exempt supply”的翻译、意思、用法、释义-法律词典

单词

exempt supply

释义

exempt supply
A supply that is specified by the Value Added Taxes Act 1994 as being exempt from a charge to value-added tax. Schedule 9 of the Act specifies exempt supplies in 13 main groups (plus three minor categories):

Group 1: land;

Group 2: insurance;

Group 3: postal services;

Group 4: betting, gaming, and lotteries;

Group 5: finance;

Group 6: education;

Group 7: health and welfare;

Group 8: burial and cremation;

Group 9: trade unions, etc. subscriptions;

Group 10: sport and physical education;

Group 11: charity events;

Group 12: cultural services;

Group 13: investment gold.

VAT that is paid on purchases that lead to an exempt supply is not recoverable as input tax. By contrast, VAT paid on purchases that lead to a zero-rated supply is recoverable input tax.

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