A casino can’t use a standard method override to recover part of its £1.2 million ($1.52 million) input value-added tax bill, a UK high court ruled Monday.
Hippodrome Casino Limited opted to use the standard override method instead of the usual standard method to apportion a large proportion of its residual input tax and recover an average yearly estimated £447,280 in VAT on all residual costs based on the use of its floor space and amenities.
The standard method uses revenue as a proxy to determine the percentage of residual input VAT that can be recovered, but the standard override ...
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