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Post Info TOPIC: VAT for Gift cards Expired funds
michaelryan7799


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VAT for Gift cards Expired funds
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An unsual one

 

I work for a company that runs giftcard programs for UK and EU Shopping Centres

 

When Shopping Centre gift cards expire after 12 months, we transfer the remaining gift card funds from gift card bank account to operating bank account i.e. 100000

We would then pay 50% of these expired funds to the shopping centres i.e. 50000

 

What are the implications of VAT for this?  Is the transactions zero rated or exempt from VAT and should it appear on the VAT Return?

 

For the European countries should this be coded to a EU VAT code on Sage (T4) and should transactions appear on the EC List?



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