The Value Added Tax (Refunds for Bad Depts) Regulations 1991

Interpretation

2.  In these Regulations—

“claim” means a claim in accordance with regulations 3 and 4 of these Regulations for the refund of tax to which a person is entitled by virtue of section 11 of the Finance Act 1990;

“claimant” means the person who makes a claim;

“payment” means any payment or part-payment which is made by any person to the claiment by way of consideration for a supply regardless of whether such payment extinguishes the purchaser’s debt to the claimant or not;

“purchaser” means a person to whom the claimant made a relevant supply;

“refunds for bad debts account” has the meaning given in regulation 5;

“relevant supply” means any taxable supply upon which a claim is based;

“return” means the return which the claimant is required to make in accordance with regulation 58 of the Value Added Tax (General) Regulations 1985(1); and

“security” means—

(a)

in relation to England, Wales and Northern Ireland, any mortgage, charge, lien or other security, and

(b)

in relation to Scotland, any security (whether heritable or moveable), any floating charge and any right of lien or preference and right of retention (other than a right of compensation or set-off).

(1)

S.I. No. 1985/886; form 4 in the Schedule thereto is the return referred to and has been amended by regulation 5 of the Value Added Tax (General) (Amendment) (No. 3) Regulations 1989 (S.I. 1989/2256).