124. The amendment made by regulation 30(5)(c) to the Value Added Tax (Special Provisions) Order 1995 M1 does not apply where—
(a)a person (“P”) took possession of the goods in Great Britain or the Isle of Man before IP completion day and P would have been eligible to opt to account for the VAT chargeable on a supply of the goods on the profit margin in accordance with article 12 of the Order had they been so supplied before IP completion day; and
(b)the ownership of the goods remained with P from the time P took possession of the goods under paragraph (a) to the time of the supply of the goods on which P elects to account for the VAT chargeable on that supply on the profit margin in accordance with article 12 of the Order.
Commencement Information
I1Reg. 124 in force at 31.12.2020 by S.I. 2020/1641, reg. 2, Sch.
Marginal Citations
M1S.I. 1995/1268; relevant amending instruments are S.I. 1997/1616, 1998/760, 2001/3753, 2002/1503, 2006/2187 and 2019/59. The amendments made by the last-named instrument are not yet in force and are omitted by this instrument.