SCHEDULES
C1SCHEDULE 4 Matters to be treated as supply of goods or services
8
1
Where a person ceases to be a taxable person, any goods then forming part of the assets of a business carried on by him shall be deemed to be supplied by him in the course or furtherance of his business immediately before he ceases to be a taxable person, unless—
a
the business is transferred as a going concern to another taxable person; or
b
the business is carried on by another person who, under regulations made under section 46(4), is treated as a taxable person; or
c
the VAT on the deemed supply would not be more than F1£1,000.
2
This paragraph does not apply to any goods in the case of which the taxable person can show to the satisfaction of the Commissioners—
a
that no credit for input tax has been allowed to him in respect of the supply of the goods F3or their importation into the United Kingdom;
b
that the goods did not become his as part of the assets of a business F2, or part of a business, which was transferred to him as a going concern by another taxable person; and
c
that he has not obtained relief in respect of the goods under section 4 of the M1Finance Act 1973.
3
This paragraph does not apply where a person ceases to be a taxable person in consequence of having been certified under section 54.
4
The Treasury may by order increase or further increase the sum specified in sub-paragraph (1)(c) above.
Sch. 4 applied (with modifications) (1.4.2009) by Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 34(4) (with Sch. 36 para. 38); S.I. 2009/404, art. 2