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The Value Added Tax Regulations 1995
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- UK Statutory Instruments
- 1995 No. 2518
- PART V
- Regulation 32
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Changes over time for: Section 32
Version Superseded: 31/12/2020
Alternative versions:
- 20/10/1995- Amendment
- 01/06/2007- Amendment
- 07/11/2016
Point in time - 31/12/2020- Amendment
- 31/12/2021- Amendment
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Point in time view as at 07/11/2016. This version of this provision has been superseded.
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The VAT accountU.K.
32. —
(1) Every taxable person shall keep and maintain, in accordance with this regulation, an account to be known as the VAT account.
(2) The VAT account shall be divided into separate parts relating to the prescribed accounting periods of the taxable person and each such part shall be further divided into 2 portions to be known as “the VAT payable portion” and “the VAT allowable portion”.
(3) The VAT payable portion for each prescribed accounting period shall comprise—
(a)a total of the output tax due from the taxable person for that period,
(b)a total of the output tax due on acquisitions from other member States by the taxable person for that period,
[F1(ba)a total of the tax which the taxable person is required to account for and pay on behalf of the supplier,]
(c)every correction or adjustment to the VAT payable portion which is required or allowed by regulation 34, 35 [F2, 38 or 38A], and
(d)every adjustment to the amount of VAT payable by the taxable person for that period which is required, or allowed, by or under any Regulations made under the Act.
(4) The VAT allowable portion for each prescribed period shall comprise—
(a)a total of the input tax allowable to the taxable person for that period by virtue of section 26 of the Act,
(b)a total of the input tax allowable in respect of acquisitions from other member States by the taxable person for that period by virtue of section 26 of the Act,
(c)every correction or adjustment to the VAT allowable portion which is required or allowed by regulation 34, 35 or 38, and
(d)every adjustment to the amount of input tax allowable to the taxable person for that period which is required, or allowed, by or under any Regulations made under the Act.
Textual Amendments
F1Reg. 32(3)(ba) inserted (1.6.2007) by The Value Added Tax (Amendment) (No.3) Regulations 2007 (S.I. 2007/1418), regs. 1, 4(a)(i)
F2Words in reg. 32(3)(c) substituted (1.6.2007) by The Value Added Tax (Amendment) (No.3) Regulations 2007 (S.I. 2007/1418), regs. 1, 4(a)(ii)
Commencement Information
I1Reg. 32 in force at 20.10.1995, see reg. 1
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