C2C1PART VACCOUNTING, PAYMENT AND RECORDS
Pt. 5 applied (31.12.2020) by The Value Added Tax (Northern Ireland) (EU Exit) Regulations 2020 (S.I. 2020/1546), regs. 1, 16 (with reg. 15); S.I. 2020/1641, reg. 2, Sch.
F124C
1
For the purposes of regulations 24A and 24B, “payment”—
a
means a payment in money and “pay” and “pays” are to be construed accordingly; and
b
includes cases where a person—
i
sets off an amount against a corresponding monetary liability of another person; or
ii
makes a “relevant payment” as defined in regulation 38ZA(2).
2
For the purposes of applying regulation 38ZA, the reference in regulation 24A(b) and (c) and in regulation 24B(b) to—
a
“the supplier” includes a reference to the “first supplier” as defined in regulation 38ZA(2); and
b
“the recipient of the supply” includes a reference to the “final consumer” as defined in regulation 38ZA(2).
Pt. 5 applied (31.12.2020) by The Value Added Tax (Northern Ireland) (EU Exit) Regulations 2020 (S.I. 2020/1546), regs. 1, 34 (with reg. 33); S.I. 2020/1641, reg. 2, Sch.