PART VACCOUNTING, PAYMENT AND RECORDS

Interpretation of Part V24.

In this Part—

“increase in consideration” means an increase in the consideration due on a supply made by a taxable person which is evidenced by a credit or debit note or any other document having the same effect and “decrease in consideration” is to be interpreted accordingly;

“insolvent person” means—

(a)

an individual who has been adjudged bankrupt;

(b)

a company in relation to which—

  1. (i)
    a voluntary arrangement under Part I of the Insolvency Act 19865 has been approved,
  2. (ii)

    an administration order has been made,

  3. (iii)

    an administrative receiver has been appointed,

  4. (iv)

    a resolution for voluntary winding up has been passed, or

  5. (v)

    an order for its winding-up has been made by the court at a time when it had not already gone into liquidation by passing a resolution for voluntary winding-up;

F1“investment gold” has the same meaning as that expression has for the purposes of Group 15 of Schedule 9 to the Act;

“negative entry” means an amount entered into the VAT account as a negative amount;

“positive entry” means an amount entered into the VAT account as a positive amount;

“VAT allowable portion”, “VAT payable portion” and “VAT account” have the meanings given in regulation 33;

“the Removal Order” means the Value Added Tax (Removal of Goods) Order 19926;

“the owner” has the same meaning as in article 2 of the Removal Order.