4(1)Subject to sub-paragraph (2) below, a person who has become liable to be registered under this Schedule shall cease to be so liable at any time after being registered if the Commissioners are satisfied that the value of his taxable supplies in the period of one year then beginning will not exceed [F1£80,000].U.K.
(2)A person shall not cease to be liable to be registered under this Schedule by virtue of sub-paragraph (1) above if the Commissioners are satisfied that the reason the value of his taxable supplies will not exceed [F2£80,000] is that in the period in question he will cease making taxable supplies, or will suspend making them for a period of 30 days or more.
(3)In determining the value of a person’s supplies for the purposes of sub-paragraph (1) above, supplies of goods or services that are capital assets of the business in the course or furtherance of which they are supplied and any taxable supplies which would not be taxable supplies apart from section 7(4) shall be disregarded.
(4)Where, apart from this sub-paragraph, an interest in, right over or licence to occupy any land would under sub-paragraph (3) above be disregarded for the purposes of sub-paragraph (1) above, it shall not be if it is supplied on a taxable supply which is not zero-rated.
Textual Amendments
F1Word in Sch. 1 para. 4(1) substituted (1.4.2015) by The Value Added Tax (Increase of Registration Limits) Order 2015 (S.I. 2015/750), arts. 1, 3(c)
F2Word in Sch. 1 para. 4(2) substituted (1.4.2015) by The Value Added Tax (Increase of Registration Limits) Order 2015 (S.I. 2015/750), arts. 1, 3(c)