- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/03/2001)
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The Value Added Tax Regulations 1995
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Rhagor o Adnoddau
Changes over time for: Section 32
Version Superseded: 01/06/2007
Alternative versions:
- 20/10/1995- Amendment
- 26/03/2001
Point in time - 01/06/2007- Amendment
- 31/12/2020- Amendment
- 31/12/2021- Amendment
Status:
Point in time view as at 26/03/2001. This version of this provision has been superseded.
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There are currently no known outstanding effects for the The Value Added Tax Regulations 1995, Section 32.
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The VAT accountU.K.
32. —
(1) Every taxable person shall keep and maintain, in accordance with this regulation, an account to be known as the VAT account.
(2) The VAT account shall be divided into separate parts relating to the prescribed accounting periods of the taxable person and each such part shall be further divided into 2 portions to be known as “the VAT payable portion” and “the VAT allowable portion”.
(3) The VAT payable portion for each prescribed accounting period shall comprise—
(a)a total of the output tax due from the taxable person for that period,
(b)a total of the output tax due on acquisitions from other member States by the taxable person for that period,
(c)every correction or adjustment to the VAT payable portion which is required or allowed by regulation 34, 35 or 38, and
(d)every adjustment to the amount of VAT payable by the taxable person for that period which is required, or allowed, by or under any Regulations made under the Act.
(4) The VAT allowable portion for each prescribed period shall comprise—
(a)a total of the input tax allowable to the taxable person for that period by virtue of section 26 of the Act,
(b)a total of the input tax allowable in respect of acquisitions from other member States by the taxable person for that period by virtue of section 26 of the Act,
(c)every correction or adjustment to the VAT allowable portion which is required or allowed by regulation 34, 35 or 38, and
(d)every adjustment to the amount of input tax allowable to the taxable person for that period which is required, or allowed, by or under any Regulations made under the Act.
Commencement Information
I1Reg. 32 in force at 20.10.1995, see reg. 1
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