The Value Added Tax (General) (Amendment) (No. 4) Regulations 1992

19.  For regulation 29(1) there shall be substituted the following—

“Interpretation and longer periods

29.— (1) In this Part—

(a) “exempt input tax” means input tax, or a proportion of input tax, which is attributable to exempt supplies in accordance with the method used under regulation 30 or approved or directed to be used under regulation 31 as the case may be;

(b) “prescribed accounting period” means—

(i) a prescribed accounting period such as is referred to in regulation 58; or

(ii) where the first prescribed accounting period would otherwise be six months or longer, a special accounting period; save that this paragraph shall not apply where the reference to the prescribed accounting period is used solely in order to identify a particular return;

(c) “special accounting period” means each of a succession of periods of the same length as the next prescribed accounting period which does not exceed three months; and—

(i) the last such period shall end on the day before the commencement of that next prescribed accounting period;

(ii) the first such period shall commence on the effective date of registration determined in accordance with Schedule 1 to the Act(2) and end on the day before the commencement of the second such period;

(d) the “tax year” of a taxable person means—

(i) the first period of twelve calendar months commencing on the 1st day of April, May or June, according to the prescribed accounting periods allocated to him, next following his effective date of registration determined in accordance with Schedule 1 to the Act; or

(ii) any subsequent period of twelve calendar months commencing on the day following the end of his first, or any subsequent, tax year;

save that the Commissioners may approve or direct that a tax year shall be a period of other than twelve calendar months or that it shall commence on a date other than that determined in accordance with paragraph (i) or (ii) above;

(e) the “registration period” of a taxable person means the period commencing on his effective date of registration determined in accordance with Schedule 1 to the Act and ending on the day before the commencement of his first tax year.

(1A) In this Part, any reference to goods or services shall be construed as including a reference to anything which is supplied by way of a supply of goods or a supply of services respectively.”.

(1)

Regulation 29 was amended by S.I. 1992/645.

(2)

The relevant paragraphs of Schedule 1 were substituted by section 14 of the Finance Act 1988 (c. 39) and section 10(6) of the Finance Act 1990 (c. 29).