Interpretation of Part VU.K.
24. In this Part—
“increase in consideration” means an increase in the consideration due on a supply made by a taxable person which is evidenced by a credit or debit note or any other document having the same effect and “decrease in consideration” is to be interpreted accordingly;
“insolvent person” means—
an individual who has been adjudged bankrupt;
a company in relation to which—
a voluntary arrangement under Part I of the Insolvency Act 1986(1) has been approved,
[F1an administrator has been appointed],
an administrative receiver has been appointed,
a resolution for voluntary winding up has been passed, or
an order for its winding-up has been made by the court at a time when it had not already gone into liquidation by passing a resolution for voluntary winding-up;
[F2“investment gold” has the same meaning as that expression has for the purposes of Group 15 of Schedule 9 to the Act;]
“negative entry” means an amount entered into the VAT account as a negative amount;
“positive entry” means an amount entered into the VAT account as a positive amount;
“VAT allowable portion”, “VAT payable portion” and “VAT account” have the meanings given in regulation [F332];
“the Removal Order” means the Value Added Tax (Removal of Goods) Order 1992(2);
“the owner” has the same meaning as in article 2 of the Removal Order.
Textual Amendments
F1Words in reg. 24(b)(ii) substituted (15.9.2003) by The Enterprise Act 2002 (Insolvency) Order 2003 (S.I. 2003/2096), art. 1(1), Sch. para. 58 (with art. 6)
F2Words in reg. 24 inserted (1.1.2000) by The Value Added Tax (Amendment) (No. 4) Regulations 1999 (S.I. 1999/3114), regs. 1, 3
F3Word in reg. 24 substituted (1.7.2003) by The Value Added Tax (Amendment) (No. 4) Regulations 2003 (S.I. 2003/1485), regs. 1(1), 4
Commencement Information
I1Reg. 24 in force at 20.10.1995, see reg. 1