VAT Partial Exemption Question
T.C.
Registered, Tutor Posts: 1,448 Beyond epic contributor 🧙♂️
Does anyone know if mortgage interest payments should be treated as exempt supplies for the purposes of the partial exemption method or whether they can be ignored. I have searched HMRC website but cannot find a definitive list. Help appreciated.
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Comments
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Hi TC,
Finance charges are exempt from VAT as per schedule 9 http://www.opsi.gov.uk/acts/acts1994/ukpga_19940023_en_1
And that would imply that, yes they should be included in your calculations, interest only mind not any capital repayment element.
However, to be honest, I am not 100% sure, have you tried the MIP business support helpline?
Let us know if you find the answer0
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