(1)VAT charged on—
(a)any supply that is of a description for the time being specified in Schedule 7A, or
(b)any equivalent acquisition or importation,
shall be charged at the rate of 5 per cent.
(2)The reference in subsection (1) above to an equivalent acquisition or importation, in relation to any supply that is of a description for the time being specified in Schedule 7A, is a reference (as the case may be) to—
(a)any acquisition from another member State of goods the supply of which would be such a supply; or
(b)any importation from a place outside the member States of any such goods.
(3)The Treasury may by order vary Schedule 7A by adding to or deleting from it any description of supply or by varying any description of supply for the time being specified in it.
(4)The power to vary Schedule 7A conferred by subsection (3) above may be exercised so as to describe a supply of goods or services by reference to matters unrelated to the characteristics of the goods or services themselves. In the case of a supply of goods, those matters include, in particular, the use that has been made of the goods.]
Textual Amendments
F1S. 29A inserted (11.5.2001 with effect as mentioned in s. 99(7)(c) of the amending Act) by 2001 c. 9, s. 99(4)