[F1Interpretation of Part VIIU.K.
49. In this Part—
“authorised person” means a person who has been authorised by the Commissioners in accordance with regulation 50(1), and “authorised” and “authorisation” shall be construed accordingly;
“transitional accounting period” means the period commencing on the first day of a person’s prescribed accounting period in which the Commissioners authorise him to use the scheme, and ending on the day immediately preceding the first day of that person’s first current accounting year, and is a prescribed accounting period within the meaning of section 25(1) of the Act;
“current accounting year” means the period of 12 months commencing on a date indicated by the Commissioners in their notification of authorisation of a person, or while a person remains authorised the most recent anniversary thereof, and is a prescribed accounting period within the meaning of section 25(1) of the Act;
“the scheme” means the annual accounting scheme established by regulations 50 and 51;
“credit transfer” means the transfer of funds from one bank account to another under a mandate given by the payer to the bank making the transfer;
“the quarterly sum” means a sum equal to 20 per cent of the total amount of VAT which a taxable person was liable to pay to the Commissioners in the 12 months—
immediately preceding the first day of his current accounting year; or
for the purposes of regulation 51, immediately preceding the first day of his transitional accounting period;
“the agreed quarterly sum” means a sum agreed with the Commissioners, not being less than 20 per cent of a taxable person’s estimated liability for VAT in his current accounting year;
“the monthly sum” means a sum equal to 10 per cent of the total amount of VAT which a taxable person was liable to pay to the Commissioners in the 12 months—
immediately preceding the first day of his current accounting year; or
for the purposes of regulation 51, immediately preceding the first day of his transitional accounting period;
“the agreed monthly sum” means a sum agreed with the Commissioners, not being less than 10 per cent of a taxable person’s estimated liability for VAT, in his current accounting year;
“working day” means any day of the week other than Saturday, Sunday, a bank holiday or a public holiday;
“relevant quarterly date” means the last working day of the fourth and, where a period has such months, the seventh and the tenth months of a transitional accounting period;
“relevant monthly date” means the last working day of the fourth and each successive month of a transitional accounting period.]
Textual Amendments
F1Pt. 7 substituted (with effect in accordance with reg. 1 of the amending S.I.) by The Value Added Tax (Annual Accounting) Regulations 1996 (S.I. 1996/542), regs. 1, 3