SCHEDULES

SCHEDULE 3VAT: supplementary charge and orders changing rate

Part 2Exceptions

Letting etc of assets

12

1

This paragraph applies in relation to a supply within paragraph 2 which arises from the letting, hiring or rental of assets.

2

There is no supplementary charge under this Schedule if—

a

the period to which the VAT invoice or payment referred to in paragraph 2(1) relates does not exceed 12 months, and

b

the VAT invoice is issued, or the payment is received, in accordance with normal commercial practice in relation to the letting, hiring or rental of such assets.