5.  In regulation 33A(1) of the principal Regulations, for paragraph (1) there shall be substituted the following—

“(1) Where in any prescribed accounting period or in any longer period the exempt input tax of a taxable person—

(a) does not amount to more than £625 per month on average; and

(b) does not exceed more than one half of all of his input tax for the period concerned,

all such input tax in that period shall be treated as attributable to taxable supplies.”.

(1)

Regulation 33A was substituted by S.I. 1992/645.