PART VACCOUNTING, PAYMENT AND RECORDS
Interpretation of Part VI124
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—
- i
a voluntary arrangement under Part I of the Insolvency Act 19865 has been approved,
- ii
F3an administrator has been appointed,
- iii
an administrative receiver has been appointed,
- iv
a resolution for voluntary winding up has been passed, or
- 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;
- i
- a
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 F232;
“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.