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24. 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—
an individual who has been adjudged bankrupt;
a company in relation to which—
a voluntary arrangement under Part I of the Insolvency Act 1986(1) has been approved,
an administration order has been made,
an administrative receiver has been appointed,
a resolution for voluntary winding up has been passed, or
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;
“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 1992(2);
“the owner” has the same meaning as in article 2 of the Removal Order.
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