- Latest available (Revised)
- Point in Time (26/06/2020)
- Original (As enacted)
Point in time view as at 26/06/2020.
There are currently no known outstanding effects for the Value Added Tax Act 1994, Paragraph 14.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
[F114.(1)This paragraph explains for the purposes of paragraphs 12 to 17 what is meant, in relation to the grantor of any land, by a development financier.
(2)A “development financier” means a person who—
(a)has provided finance for the grantor’s development of the land, or
(b)has entered into any arrangement to provide finance for the grantor’s development of the land,
with the intention or in the expectation that the land will become exempt land or continue (for a period at least) to be exempt land.
(3)For the purposes of this paragraph references to finance being provided for the grantor’s development of the land are to doing (directly or indirectly) any one or more of the following—
(a)providing funds for meeting the whole or any part of the cost of the grantor’s development of the land,
(b)procuring the provision of such funds by another,
(c)providing funds for discharging (in whole or in part) any liability that has been or may be incurred by any person for or in connection with the raising of funds to meet the cost of the grantor’s development of the land, and
(d)procuring that any such liability is or will be discharged (in whole or in part) by another.
(4)For the purposes of this paragraph references to providing funds for a particular purpose are to—
(a)the making of a loan of funds that are or are to be used for that purpose,
(b)the provision of any guarantee or other security in relation to such a loan,
(c)the provision of any of the consideration for the issue of any shares or other securities issued wholly or partly for raising those funds,
(d)the provision of any consideration for the acquisition by any person of any shares or other securities issued wholly or partly for raising those funds, or
(e)any other transfer of assets or value as a consequence of which any of those funds are made available for that purpose.
(5)For the purposes of this paragraph references to the grantor’s development of the land are to the acquisition by the grantor of the asset which—
(a)consists in the land or a building or part of a building on the land, and
(b)is, or (as the case may be) was intended or expected to be, a relevant capital item in relation to the grantor (within the meaning of paragraph 13).
(6)For this purpose the reference to the acquisition of the asset includes—
(a)its construction or reconstruction, and
(b)the carrying out in relation to it of any other works by reference to which it is, or was intended or expected to be, a relevant capital item (within the meaning of paragraph 13).
(7)In this paragraph “arrangement” means any agreement, arrangement or understanding (whether or not legally enforceable).]
Textual Amendments
F1Sch. 10 substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Value Added Tax (Buildings and Land) Order 2008 (S.I. 2008/1146), arts. 1(1), 2 (with Sch. 2)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: