Value Added Tax Act 1994 (c. 23)

SCHEDULES

[F1 SCHEDULE 11A U.K. Disclosure of avoidance Schemes

Textual Amendments

F1 Sch. 11A inserted (22.7.2004 for specified purposes, 1.8.2004 in so far as not already in force) by Finance Act 2004 (c. 12), s. 19(2), Sch. 2 para. 2; S.I. 2004/1934, art. 2

Obtaining a tax advantage U.K.

2 (1) For the purposes of this Schedule, a person obtains a tax advantage if— U.K.

(a) in any prescribed accounting period, the amount by which the output tax accounted for by him exceeds the input tax deducted by him is less than it otherwise would be, or

(b) he obtains a VAT credit when he would not otherwise do so, or obtains a larger VAT credit or obtains a VAT credit earlier than would otherwise be the case.

(2) A person also obtains a tax advantage for the purposes of this Schedule if, in a case where he recovers input tax as a recipient of a supply before the supplier accounts for the output tax, the period between the time when the input tax is recovered and the time when the output tax is accounted for is greater than would otherwise be the case.]