SCHEDULES
SCHEDULE 31 VALUE ADDED TAX: RE-ENACTMENT OF REDUCED RATE PROVISIONS
Part 2 CONSEQUENTIAL AMENDMENTS
4
1
Section 88 of the Value Added Tax Act 1994 (supplies spanning change of rate etc.) is amended as follows.
2
In subsection (1) (section applies where there is a change in the rate of VAT in force under section 2 or the descriptions of exempt or zero-rated supplies or acquisitions)—
a
after “section 2” insert “
or 29A
”
, and
b
for “or zero-rated” (in both places) substitute “
, zero-rated or reduced-rate
”
.
3
In subsection (2) (election to disregard time of supply rules), after “any question whether it is zero-rated or exempt” insert “
or a reduced-rate supply
”
.
4
In subsection (4) (election to disregard time of acquisition rules), after “any question whether it is zero-rated or exempt” insert “
or a reduced-rate acquisition
”
.
5
After subsection (7) insert—
8
References in this section—
a
to a supply being a reduced-rate supply, or
b
to an acquisition being a reduced-rate acquisition,
are references to a supply, or (as the case may be) an acquisition, being one on which VAT is charged at the rate in force under section 29A.