The Value Added Tax Regulations 1995

Interpretation of Part V

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—

(a)

an individual who has been adjudged bankrupt;

(b)

a company in relation to which—

(i)

a voluntary arrangement under Part I of the Insolvency Act 1986(1) has been approved,

(ii)

an administration order has been made,

(iii)

an administrative receiver has been appointed,

(iv)

a resolution for voluntary winding up has been passed, or

(v)

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;

“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 33;

“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.

(1)

1986 c. 45 .

(2)

S.I. 1992/3111.