SCHEDULES
F2SCHEDULE 10AFace-value vouchers F1issued before 1 January 2019
Words in Sch. 10A heading inserted (12.2.2019) by Finance Act 2019 (c. 1), Sch. 17 para. 4
Treatment of retailer vouchers
4
1
This paragraph applies to a face-value voucher issued by a person who—
a
is a person from whom goods or services may be obtained by the use of the voucher, and
b
if there are other such persons, undertakes to give complete or partial reimbursement to those from whom goods or services are so obtained.
Such a voucher is referred to in this Schedule as a “retailer voucher”.
2
The consideration for the issue of a retailer voucher shall be disregarded for the purposes of this Act except to the extent (if any) that it exceeds the face value of the voucher.
3
Sub-paragraph (2) above does not apply if—
a
the voucher is used to obtain goods or services from a person other than the issuer, and
b
that person fails to account for any of the VAT due on the supply of those goods or services to the person using the voucher to obtain them.
4
Any supply of a retailer voucher subsequent to the issue of it shall be treated in the same way as the supply of a voucher to which paragraph 6 below applies.
Sch. 10A inserted (with application in accordance with Sch. 1 para. 4 of the amending Act) by Finance Act 2003 (c. 14), Sch. 1 para. 2