C1PART XIXBAD DEBT RELIEF (THE NEW SCHEME)

Annotations:
Modifications etc. (not altering text)
C1

Pt. 19 modified (except reg. 171) (temp.) (27.7.1999 until 1.12.1999, see S.I. 1999/3029, reg. 5) by Finance Act 1999 (c. 16), s. 15(4)(5)

Interpretation of Part XIXI1165

In this Part—

  • “claim” means a claim in accordance with regulations 166 and 167 for a refund of VAT to which a person is entitled by virtue of section 36 of the Act and “claimant” shall be construed accordingly;

  • “payment” means any payment or part-payment which is made by any person F1... 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 168;

  • “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 25;

  • “security” means—

    1. a

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

    2. 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).