UK Eyeing VAT Rule Changes For Sharing Economy
UK Eyeing VAT Rule Changes For Sharing Economy
by Jason Gorringe, Tax-News.com, London
22 December 2020
The UK Government is inviting input on the tax challenges associated with the rise of the sharing economy.
The sharing economy enables individuals to provide goods or services to other individuals, typically through a digital platform, such as ride-sharing services and temporary accommodation services.
In a new call for evidence on the need for reform of the UK's VAT rules, the Government notes that the sharing economy creates huge opportunities for the UK economy but also potentially creates certain challenges to the VAT tax base.