[F12(1)Subject to sub-paragraph (2) below, a registered person who makes taxable supplies shall cease to be liable to be registered at any time if the Commissioners are satisfied that the value of his taxable supplies in the period of one year then beginning will not exceed [F2£33,600].
(2)A person shall not cease to be liable to be registered by virtue of sub-paragraph (1) above if the Commissioners are satisfied that the reason the value of his taxable supplies will not exceed [F2£33,600] is that in the period in question he will cease making taxable supplies, or will suspend making them for a period of thirty days or more.
(3)In determining the value of a person’s supplies for the purposes of sub-paragraph (1) above, supplies of goods [F3or services]that are capital assets of the business in the course or furtherance of which they are supplied shall be disregarded.
[F4(4)Where, apart from this sub-paragraph, an interest in, right over or licence to occupy any land would under sub-paragraph (3) above be disregarded for the purposes of sub-paragraph (1) above, it shall not be if it is supplied on a taxable supply which is not zero-rated.]]
Textual Amendments
F1Sch. 1 para. 2 substituted by Finance Act 1987 (c. 16, SIF 40:2), s. 14(3)
F2Words in Sch. 1 para. 2(1)(2) substituted (1.5.1991) by S.I. 1991/738, art. 2(b)
F3Words inserted by Finance Act 1988 (c. 39, SIF 40:2), s. 14(2)