The Value Added Tax Regulations 1995 No. 2518

PART XIX U.K. BAD DEBT RELIEF (THE NEW SCHEME)

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 XIX U.K.

165.  In this Part—

“claim” means a claim in accordance with regulations 166 [F1 or 166AA,] 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 F2 ... 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 [F3 but “relevant non-UK return” has the meaning given by paragraph 20(3) of Schedule 3BA to the Act and “relevant special scheme return” has the meaning given by paragraph 16(3) of Schedule 3B to the Act];

“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).

[F4 “tax period” has the meaning given by paragraph 23(1) of Schedule 3B or paragraph 38(1) of Schedule 3BA (as the case may require) to the Act.]

Textual Amendments

F1 Words in reg. 165 inserted (1.1.2015) by The Value Added Tax (Amendment) (No.3) Regulations 2014 (S.I. 2014/2430), regs. 1(3), 4(a)

F2 Words in reg. 165 omitted (1.12.1999) by virtue of The Value Added Tax Regulations 1999 (S.I. 1999/3029), regs. 1, 3

F3 Words in reg. 165 inserted (1.1.2015) by The Value Added Tax (Amendment) (No.3) Regulations 2014 (S.I. 2014/2430), regs. 1(3), 4(b)

F4 Words in reg. 165 inserted (1.1.2015) by The Value Added Tax (Amendment) (No.3) Regulations 2014 (S.I. 2014/2430), regs. 1(3), 4(c)

Commencement Information

I1 Reg. 165 in force at 20.10.1995, see reg. 1