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The Value Added Tax (Amendment) (No. 2) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 1198
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend, with effect from 1st June 1996, the Value Added Tax Regulations 1995 (S.I. 1995/2518) (“the principal Regulations”).
Regulation 3 inserts a new regulation 40A in Part V (Accounting, payment and records) of the principal Regulations. The new regulation 40A provides that where the Commissioners have directed the manner in which a person shall make payments on account under section 28 of the Value Added Tax Act 1994 then the person shall also pay any balancing payments due in respect of VAT returns in the same manner.
Regulation 4 inserts a new regulation 46A in Part VI (Payments on Account) of the principal Regulations.
The new regulation 46A(1) provides that payments on account and payments of balances due in respect of VAT returns by persons in the Payments on Account Scheme will not have been made unless they have been made in time to have cleared to the Commissioners' account. The new regulation 46A(2) provides that for the purposes of these Regulations and regulation 47 of the principal Regulations, references to a payment being made “by any day” include references to the payment being made on that day.
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