Goods and Services Tax Act 1993 · 2020 Revised Edition · Part 6 · Special Cases
33AA. Umbrella VCCs
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For the purposes of this Act, an umbrella VCC making or receiving a supply for the purpose of one of its sub‑funds is taken to be a separate person from the same VCC making or receiving a supply for the purpose of another of its sub‑funds.
Accordingly —
a supply that is made by an umbrella VCC for the purpose of one of its sub-funds, and received by the same VCC for the purpose of another of its sub‑funds, is taken to be a supply made by one person to another person;
supplies made or received by an umbrella VCC for the purpose of different sub-funds are taken to have been made or received by different persons; and
an umbrella VCC making taxable supplies for the purpose of one of its sub‑funds is to be registered as a person separately from the same umbrella VCC making taxable supplies for the purpose of another of its sub‑funds and each is taken to be a separate taxable or registered person.
For the purposes of this Act, a reference to a business carried on by a taxable person is, where the taxable person is an umbrella VCC in relation to any of its sub‑funds, a reference to its business in relation to that sub‑fund.
business
“business” includes any trade, profession or vocation.(2) Without limiting anything else in this Act, the following are deemed to be the carrying on of a business:(a)the provision by any club, association, society, management corporation or organisation (for a subscription or other consideration) of the facilities or advantages available to its members or subsidiary proprietors, as the case may be;(b)the admission, for a consideration, of persons to any premises.(3) Where a body has objects which are in the public domain and are of a political, religious, philanthropic or patriotic nature, it is not to be treated as carrying on a business only because its members subscribe to it, if a subscription obtains no facility or advantage for the subscriber other than the right to participate in its management or receive reports on its activities.(4) Where a person, in the course or furtherance of a trade, profession or vocation, accepts any office, services supplied by the person as the holder of that office are treated as supplied in the course or furtherance of the trade, profession or vocation.(5) Anything done in connection with the termination or intended termination of a business is treated as being done in the course or furtherance of that business.(6) Subject to any order made under section 10(3), the disposition of a business as a going concern, or of its assets or liabilities (whether or not in connection with its re-organisation or winding up), is a supply made in the course or furtherance of that business.(7) In subsection (2),
Where —
the person who receives, is supplied or is the customer of the goods or services mentioned in section 14(1)(a)(i) or (b)(i), 38(1) or (2) or 38A(2) is an umbrella VCC; and
the goods or services are supplied for the purpose of or in connection with the VCC’s business in relation to any of its sub-funds,then, for the purpose of section 14(2), 38(1) or (2) or 38A(2) (as the case may be), the recipient, person supplied or customer of those goods or services is taken to be the umbrella VCC for the purpose of that sub‑fund.
Any liability of an umbrella VCC for tax in relation to a supply made by it for the purpose of a sub-fund, together with any penalty or other amounts payable to the Comptroller in relation to the supply, is considered (for the purposes of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.
Any fine or penalty imposed on, or composition sum that may be paid by, an umbrella VCC for an offence under this Act that is committed in connection with any of its sub-funds, including but not limited to —
a supply received or made by it for the purpose of the sub‑fund; and
any return, document, information or other matter concerning the sub-fund,is considered (for the purpose of section 29 of the VCC Act) liability incurred by the umbrella VCC for the purpose of the sub‑fund.