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Finance Act 1987
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Changes over time for: Section 14
Version Superseded: 01/09/1994
Alternative versions:
- 01/02/1991- Amendment
- 01/02/1991
Point in time - 01/09/1994- Amendment
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14 Registration.U.K.
(1) Schedule 1 to the principal Act shall be amended as follows.
(2)For paragraph 1 there shall be substituted—
“1(1)Subject to sub-paragraphs (2) to (5) below, a person who makes taxable supplies but is not registered is liable to be registered—
(a)after the end of any quarter, if the value of his taxable supplies—
(i)in that quarter has exceeded £7,250; or
(ii)in the four quarters then ending has exceeded £21,300; or
(b)at any time, if there are reasonable grounds for believing that the value of his taxable supplies in the period of one year then beginning will exceed £21,300.
(2)A person is not liable to be registered by virtue of sub-paragraph (1)(a)(i) above after the end of any quarter if the Commissioners are satisfied that the value of his taxable supplies in that quarter and the next three quarters will not exceed £21,300.
(3)A person is not liable to be registered by virtue of sub-paragraph (1)(a)(ii) above after the end of any quarter if the Commissioners are satisfied that the value of his taxable supplies in the next four quarters will not exceed £20,300.
(4)In determining the value of a person’s supplies for the purposes of sub-paragraph (1)(a) above, supplies made at a time when he was previously registered shall be disregarded if—
(a)his registration was cancelled otherwise than under paragraph 10 below, and
(b)the Commissioners are satisfied that before his registration was cancelled he had given them all the information they needed in order to determine whether to cancel the registration.
(5)In determining the value of a person’s supplies for the purposes of sub-paragraph (1) above, supplies of goods that are capital assets of the business in the course of furtherance of which they are supplied shall be disregarded.”.
(3)For paragraph 2 there shall be substituted—
“2(1)Subject to sub-paragraph (2) below, a registered person who makes taxable supplies shall cease to be liable to be registered at any time if the Commissioners are satisfied that the value of his taxable supplies in the period of one year then beginning will not exceed £20,300.
(2)A person shall not cease to be liable to be registered by virtue of sub-paragraph (1) above if the Commissioners are satisfied that the reason the value of his taxable supplies will not exceed £20,300 is that in the period in question he will cease making taxable supplies, or will suspend making them for a period of thirty days or more.
(3)In determining the value of a person’s supplies for the purposes of sub-paragraph (1) above, supplies of goods that are capital assets of the business in the course or furtherance of which they are supplied shall be desregarded.”.
(4)(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(6)Paragraph 6 shall cease to have effect.
(7)–(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(10)For paragraph 13 there shall be substituted—
“13The value of a supply of goods or services shall be determined for the purposes of this Schedule on the basis that no tax is chargeable on the supply.”.
Textual Amendments
F1S. 14(4)(5) repealed by Finance Act 1990 (c. 29, SIF 40:2), s. 132, Sch. 19 Pt. III Note 3
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